The one-electron oxidation product of guanine 8-oxo-7,8-dihydroguanine (8-oxoG) is an abundant lesion in genomic, mitochondrial and telomeric DNA and RNA. It is considered to be a marker of oxidative stress that preferentially accumulates at the 5' end of guanine strings in the DNA helix, guanine quadruplexes and in RNA molecules. 8-oxoG has a lower oxidation potential compared to guanine, thus it is susceptible to oxidation/reduction and along with its redox products, is traditionally considered to be a major genotoxic/mutagenic DNA base lesion. It does not change the architecture of the DNA double helix and it is specifically recognized and excised by 8-oxoguanine DNA glycosylase (OGG1) during the DNA base excision repair pathway. OGG1 null animals accumulate excess levels of 8-oxoG in their genome, while they do not have shorter lifespan, nor exhibit severe pathological symptoms including tumor formation. In fact they are increasingly resistant to inflammation. Here we address rarely considered significance of 8-oxoG such as its optimal level in the DNA and RNA in a given condition, essentiality for normal cellular physiology, evolutionary role, ability to soften the effects of oxidative stress in DNA, harmful consequences of its repair, as well as its importance in transcriptional initiation and chromatin relaxation.