In the last decade or so, cerebral microbleeds (CMBs) – tiny perivascular hemorrhages seen as small, well-demarcated, hypointense, rounded lesions on MRI sequences that are sensitive to magnetic susceptibility – have generated increasing interest among neurologists and clinical stroke researchers. As MRI techniques become more sophisticated, CMBs are increasingly detected in various patient populations (including all types of stroke, Alzheimer’s disease and vascular cognitive impairment) and healthy community-dwelling older people. Their presence raises many clinical dilemmas and intriguing pathophysiological questions. CMBs are emerging as an important new manifestation and diagnostic marker of cerebral small-vessel disease. They are a potential predictor of future intracerebral hemorrhage risk, a possible contributor to cognitive impairment and dementia and a potential key link between vascular and degenerative pathologies. In this article, we discuss the available pathological, neuroimaging and clinical studies in the field, and we provide a modern overview of the clinical and pathophysiological implications of CMBs in different disease settings.