Heme oxygenase (HO) catabolizes heme into three products: carbon monoxide (CO), biliverdin/bilirubin and free iron. Two distinct isoforms of HO have been identified: an inducible isozyme HO-1 and a constitutively expressed isozyme HO-2, which participate in a variety of physiological and pathophysiological processes. A growing body of evidence indicates that HO activation plays a variety of roles in several ocular diseases, functioning protectively by reducing oxidative injury, attenuating the inflammatory response, and inhibiting cell apoptosis. This review focuses on the current understanding of the physiological significance of HO and its putative roles in the ocular disease. Possible therapeutic strategies involving HO in the treatment of ocular disease are discussed.