This paper reviews the most relevant laboratory techniques currently used for the evaluation of patients with multiple myeloma (MM) and other monoclonal gammopathies. Although the bone marrow morphological examination and electrophoretic analysis of the monoclonal paraprotein still remain the 'gold standard' techniques for fast, accurate and cost-effective diagnosis, other assays such as immunophenotyping, DNA cell content and cell cycle analysis measured by flow cytometry may contribute to a better assessment of myeloma patients. Here, we will discuss not only the contribution of each technique to differential diagnosis of monoclonal gammopathies, but also the value of each parameter as prognostic factor and for monitoring treatment efficacy. In addition, possible technical pitfalls inherent to each technique will be analysed.