Small heterodimer partner (SHP; NR0B2), an exceptional member of the mammalian nuclear receptor family, directly modulates the activities of conventional nuclear receptors by acting as an inducible and tissue-specific corepressor. Recent progress in dissecting underlying molecular mechanisms, identifying target factors and target genes, and uncovering physiological functions points to the regulatory involvement of SHP in diverse metabolic and intracellular pathways that awaits future clarification. In this review, we carry out a comprehensive survey of all published data and discuss our current understanding of molecular mechanisms and physiological consequences governing SHP action.