NMDA receptors are preeminent neurotransmitter-gated channels in the central nervous system, which respond to glutamate in a manner that integrates multiple external and internal cues. They belong to the ionotropic glutamate receptor family and fulfill unique and critical roles in neuronal development and function. These roles depend on characteristic response kinetics, which reflect the receptor’s operation. Here, we review biologically salient features of the NMDA receptor signal and their mechanistic origins. Knowledge of distinctive NMDA receptor biophysical properties, their structural determinants, and physiological roles is necessary to understand the physiologic and neurotoxic actions of glutamate, and to design effective therapeutics.