To ensure correct function, mitochondria have developed several mechanisms of protein quality control (QC). Protein homeostasis highly relies on chaperones and proteases to maintain proper folding and remove damaged proteins that might otherwise form cell-toxic aggregates. Besides quality control, mitochondrial proteases modulate and regulate many essential functions, such as trafficking, processing and activation of mitochondrial proteins, mitochondrial dynamics, mitophagy and apoptosis. Therefore, the impaired function of mitochondrial proteases is associated with various pathological conditions, including cancer, metabolic syndromes and neurodegenerative disorders. This review recapitulates and discusses the emerging roles of two major proteases of the mitochondrial matrix, LON and ClpXP. Although commonly acknowledge for their protein quality control role, recent advances have uncovered several highly regulated processes controlled by the LON and ClpXP connected to mitochondrial gene expression and respiratory chain function maintenance. Furthermore, both proteases have been lately recognized as potent targets for anticancer therapies, and we summarize those findings.Abbreviations AAA+, ATPases associated with various cellular activities; ADEPs, acyldepsipeptides; AML, acute myeloid leukaemia; ATP, adenosine triphosphate; CDDO, triterpenoid 2-cyano-3,12-dioxooleana-1,9-dien-28-oic acid; CODAS, cerebral, ocular, dental, auricular and skeletal anomalie syndrome; ISR, integrated stress response; MRC, mitochondrial respiratory chain; mtDNA, mitochondrial deoxyribonucleic acid; mitochondrial genome; OXPHOS, oxidative phosphorylation; PQC, protein quality control; PS, Perrault syndrome; QC, quality control; ROS, reactive oxygen species; SILAC, stable-isotope labelling by/with amino acids in cell culture; UPR mt , mitochondrial unfolded protein response.