Immunoglobulin M (IgM) is the first antibody to emerge during embryonic development and humoral immune response1. IgM can exist in several distinct forms, including monomeric, membrane-bound IgM (mIgM) within the B-cell receptor (BCR) complex, pentameric and hexameric IgM in serum, and secretory IgM on mucosal surface. FcμR/Toso/Faim3, the only IgM-specific receptor in mammals, recognizes different forms of IgM to regulate diverse immune responses2-4. However, the underlying molecular mechanisms remain unknown. Here we delineate the structural bases of FcμR-IgM interaction by crystallography and cryo-electron microscopy. We show that two FcμR molecules interact with a Cμ4 dimer, suggesting that FcμR can bind to mIgM with 2:1 stoichiometry. Further analyses reveal that both FcμR-binding sites are accessible in the context of IgM-BCR. In contrast, the pentameric IgM can recruit four FcμR to bind on the same side and therefore impose the formation of an FcμR oligomer. One of these FcμR molecules occupies the binding site of the polymeric immunoglobulin receptor/secretory component (pIgR/SC). Nevertheless, four FcμR are recruited onto the other side of IgM in the presence of SC, which reconciles with, and further supports FcμR's function in the retro-transport of secretory IgM. These results reveal intricate mechanisms of IgM perception by FcμR.