Membranes of living cells, or biological membranes, are unique molecular systems in which the functioning of all molecules is interdependent and coordinated, and disruption of this coordination can be fatal for the cell. One example of such coordination and mutual regulation is the functioning of membrane proteins, whose activity depends on their interaction with membrane lipids. This review summarizes the facts about the importance of the cholesterol component of cell membranes for the normal functioning of membrane proteins and the whole cell. This lipid component provides fine regulation of a variety of cellular functions and provides clues to understanding changes in the activity of a number of proteins under various physiologic and pathologic conditions. This review provides examples of cholesterol-dependent membrane proteins and cellular processes and discusses their role in several pathologies. Understanding the mechanisms of cholesterol-protein interactions represents a significant resource for the development of drugs that affect the cholesterol-protein interface.