Great progress has been made in the understanding of the physiological roles of the nuclear receptor farnesoid X receptor (FXR) during the last several years. Roles for FXR were initially identified in the regulation of bile acid, cholesterol, triglyceride, and glucose metabolism. More recently, our group has identified additional functional roles of FXR. Specifically, we have shown that FXR regulates normal liver regeneration and plays a protective role in liver carcinogenesis. These exciting findings suggest that FXR has a broader role than previously thought, and also highlight potential new opportunities for using FXR as a drug target for different diseases. Here we summarize the latest results from studies on FXR response elements, target genes and functions in different diseases.