MicroRNAs (miRNAs) are small RNAs that have emerged as potent regulators of the target genes messenger RNAs expression in the response of cell to both physiological and pathophysiological conditions. Reflecting pathological processes today, miRNAs are widely validated for their potential role in diagnostic, prognostic and novel therapeutic targeting for cancerous and other diseases. miR-155 is considered as a typical multifunctional miRNA including its role as oncomiR (cancer-associated miRNA). Expression of miR-155 is upregulated in cells with high proliferative activity and decreased apoptotic capability. It belongs to cluster of well-characterized tumor associated miRNAs detectable also in the peripheral blood. In this review we summarize the principles of miR-155 host gene expressional regulation, as well as its role in regulation of the target genes mRNAs. Altered expression of miR-155 has been described in multiple cancerous and other diseases, reflecting staging, progress and treatment outcomes. Therefore, miR-155 became a potential biomarker and candidate for clinical utilization as predictor of the presence of cancer, its staging and prognosis.