Inositol polyphosphates comprise a large family of water‐soluble molecules derived from the combinatorial phophorylation of the six hydroxyls of
myo
‐inositol. Second messenger roles for inositol polyphosphates in Ca
2+
mobilization were first identified for what is now the best characterized family member, inositol 1,4,5‐trisphosphate (InsP
3
). Additional anabolic and catabolic metabolism of InsP
3
results in the formation of a large, diverse family of higher inositol polyphosphates whose signaling roles and biologic functionality remain largely undefined. However, the recent cloning and identification of the kinases and phosphatases involved in the combinatorial modification of inositol polyphosphates has served to further define and characterize this complex metabolic network and to identify its preeminence in nearly all aspects of cell biology. Conserved from yeast to humans, inositol polyphosphates regulate a wide array of processes, including ion‐channel conductance, membrane dynamics, transcription, nucleic acid metabolism, and protein phosphorylation.