Medulloblastomas (MB) are the most common malignant neoplasms of the central nervous system in children. Although the molecular basis of medulloblastoma has received considerable attention over the past decade, the underlying cellular and molecular mechanisms of medulloblastoma initiation, maintenance, and progression remain unclear. MicroRNAs (miRNAs) are short non-coding RNAs that function as key regulators of diverse biological processes by exerting negative gene regulation at the post-transcriptional level. Emerging evidence indicates that miRNAs play an important role in the development of human cancers; miRNA deregulation results in altered activities of downstream tumor suppressors, oncogenes, and other signaling molecules. In this review, we comprehensively discuss the versatile roles of miRNAs in medulloblastoma and their potential applications in the diagnosis, prognosis, and treatment of this malignancy. As a rapidly evolving field of basic and biomedical sciences, miRNA research will certainly have a revolutionary impact on the management of medulloblastoma.