This report presents computational methods of analysis of cellular processes, functions, and pathways affected by differentially expressed microRNA, a statistical basis of the gene enrichment analysis method, a modification of enrichment analysis method accounting for combinatorial targeting of Gene Ontology categories by multiple miRNAs and examples of the global functional profiling of predicted targets of differentially expressed miRNAs in cancer. We have also summarized an application of Ingenuity Pathway Analysis tools for in depth analysis of microRNA target sets that may be useful for the biological interpretation of microRNA profiling data. To illustrate the utility of these methods, we report the main results of our recent computational analysis of five published datasets of aberrantly expressed microRNAs in five human cancers (pancreatic cancer, breast cancer, colon cancer, lung cancer, and lymphoma). Using a combinatorial target prediction algorithm and statistical enrichment analysis, we have determined Gene Ontology categories as well as biological functions, disease categories, toxicological categories, and signaling pathways that are: targeted by multiple microRNAs; statistically significantly enriched with target genes; and known to be affected in specific cancers. Our recent computational analysis of predicted targets of co-expressed miRNAs in five human cancers suggests that co-expressed miRNAs provide systemic compensatory response to the abnormal phenotypic changes in cancer cells by targeting a broad range of functional categories and signaling pathways reportedly affected in a particular cancer.