Whereas the presence of RNA in mature ejaculate spermatozoa is now established, its functional significance, if any, is still a matter of debate. This reflects the accepted description that spermatozoa are highly differentiated, specialized cells of minimal cytoplasm and compacted nucleus that are transcriptionally inactive. A significant proportion of the RNA required for the later, haploid stages of terminal spermatogenic differentiation (spermiogenesis) is synthesized prior to transcriptional arrest then stably stored until its translation during spermiogenesis. Spermatozoal RNAs, including messenger RNAs (mRNAs) are therefore considered to be stored remnants. Any role in fertilization and early development has, until recently, seemed unlikely, since the oocyte contains large stores of maternal mRNAs known to be required for early embryonic development prior to zygotic genome activation. Although the spermatozoon can deliver its RNA to the oocyte at fertilization, it has been generally assumed that compared to the oocyte RNA reserve, the spermatozoan payload is too small to be functional in embryo development. However, the debate continues as recent studies suggest that in specific instances sperm RNA is functional. This review presents and discusses the functional significance of spermatozoal RNA in relation to some recent advances in the field.