Clinical and laboratory reports suggest that ovarian tumors of low malignant potential (LMP) represent a "grab bag" of tumors, with different etiologies, molecular biologies, and prognoses. As a result, data on incidence and prognosis may be quite unreliable. Diagnosis is best made on permanent section. Half of women under age 40 undergo conservative, fertility-sparing surgery when diagnosed with an ovarian tumor of LMP, but no adjuvant therapy has been shown to prolong survival in this population. In addition to the various controversies surrounding LMP tumors, this review will address prognostic markers, risk of malignant transformation, treatment of progressive disease, surveillance after conservative surgery, and future directions for research.