Carcinoid of the gallbladder and bile ducts is a rare tumor. Till date 20 cases have been reported. Here we report one more case and review all 21 cases collectively. The tumor affects elderly patients of either sex equally. Surgical obstructive jaundice (SOJ), followed by abdominal symptoms were the commonest presenting complaints. None of the patients presented with carcinoid syndrome. Bile duct carcinoids presented significantly earlier than gallbladder carcinoids because of strategic location causing SOJ. Gallstones were present only in 3 cases. Fifty per cent of these tumors were malignant, with liver followed by bone as the commonest site of metastasis. Surgery has been the mainstay of the treatment of these lesions. Old age, jaundice and metastasis at presentation and location of carcinoid in bile duct were found to be bad prognostic factors. In the absence of these features overall survival after surgical procedures like radical cholecystectomy was encouraging enough to undertake the surgical challenge.