The analysis of the low frequency noise generated in solid state devices represents a key factor in the era of VLSI technology. This analysis is mandatory in order to obtain a characterization of the source of disturbances which cause a degradation of the signal to noise ratio. In fact, the increasing miniaturization level of modern integrated circuits leads to a significant increase in the noise to signal ratio, thus making noise one of the main limiting factors for pursuing the ultimate miniaturization limits. Moreover, as low frequency noise can be used as a probe capable of investigating the phenomena occurring at a microscopic scale, it can be useful for characterizing the quality and the reliability of microelectronic materials and devices. In the first part of this paper, as an example of possible applications, an overview of the utilization of Low Frequency Noise Measurement (LFNM) technique to the study of the most frequent causes of failure in integrated circuits and discrete components is presented and the need for purposely designed instrumentation for this type of study will be put in evidence. Starting from the examples presented in the first part, in the second part an overview of the instrumentation and procedures required to obtain a minimization of the background noise of the entire measurement system is presented. In fact, especially in the case of low frequency noise measurements (f< 1 Hz), the lack of standard, commercially available instrumentation characterized by the required sensitivity, may be one of the main obstacles to the utilization of LFNM technique. For this reason, a review of the most relevant results obtained by our research groups during the last few years in the design of dedicated ultra-low noise instrumentation and in the tuning up of the methodologies for the analysis of noise data, is presented.