Advancements and innovations in transcriptomics and computational biology have revealed long non-coding RNAs (lncRNAs) as some of the major regulators of essential biological processes. Their restricted spatial and temporal expressions as well as ability to interact with nucleic acids (DNA and RNA) and proteins make them key players in chromosome integrity, genomic architecture, and transcriptional and post-transcriptional regulation. Their dysregulation has been associated with numerous diseases and pathological conditions, including cancers. Myeloid leukemia is a malignancy of the hematopoietic system, and its pathobiology has been found to have increasing number of lncRNAs with functional significance. This comprehensive review summarizes a majority of the reported lncRNAs in acute myeloid leukemia (AML) and chronic myeloid leukemia (CML), focusing on the regulatory mechanisms by which they modulate the disease progression and pathogenesis, their potential as diagnostics and prognostic markers, and their feasibility as novel therapeutic targets. We also highlight our recent work on the significance of the lncRNA Hmrhl in CML, which has been found to regulate gene transcription at the chromatin level.