AMPK is a highly conserved master regulator of metabolism, which restores energy balance during metabolic stress both at the cellular and physiological levels. The identification of numerous AMPK targets has helped explain how AMPK restores energy homeostasis. Recent advancements, however, demonstrate that regulation of AMPK is also affected by novel contexts, such as subcellular localization and phosphorylation by non-canonical upstream kinases. Notably, the therapeutic potential of AMPK is widely recognized and heavily pursued for treatment of metabolic diseases such as diabetes, but also obesity, inflammation and cancer. Moreover, the recently solved crystal structure of AMPK has shed light both into how nucleotides activate AMPK but, importantly, also into the sites bound by small molecule activators, thus providing a path for improved drugs.