Annexin 1 (ANXA1) was first identified as a mediator of the anti-inflammatory actions of glucocorticoids in the host defence system. Subsequent work revealed that this protein fulfils a wider brief and it is now recognized as an important signalling intermediate in a variety of other systems. Here, we consider the role of ANXA1 in the endocrine system, placing particular emphasis on new insights into the mechanisms and functional significance of the secondary processing of ANXA1, the processes that control the intracellular and transmembrane trafficking of the molecule and the molecular mechanisms of ANXA1 action that have identified a novel role for the protein as a paracrine/juxtacrine mediator of the non-genomic actions of glucocorticoids in the neuroendocrine system.