Protein synthesis in eukaryotic cells is fundamental for gene expression. This process involves the binding of an mRNA molecule to the small ribosomal subunit in a group of reactions catalyzed by eukaryotic translation initiation factors (eIF) eIF4. To date, the role of each of the four eIF4, i.e. eIF4E, eIF4G, eIF4A and eIF4B, is well established. However, with the advent of genome-wide sequencing projects of various organisms, families of genes for each translation initiation factor have been identified. Intriguingly, recent studies have now established that certain eIF4 proteins can promote or inhibit translation of specific mRNAs, and also that some of them are active in processes other than translation. In addition, there is evidence of tissue- and developmental-stage-specific expression for some of these proteins. These new findings point to an additional level of complexity in the translation initiation process. In this review, we analyze the latest advances concerning the functionality of members of the eIF4 families in eukaryotic organisms and discuss the implications of this in the context of our current understanding of regulation of the translation initiation process.