Multiple myeloma (MM) is due to the proliferation in the bone marrow of malignant plasma cells and accounts for about 10% of all hematological tumors. MM is the natural evolution of a monoclonal gammopathy of uncertain significance. Although the introduction of novel biological agents in the clinical practice has changed the natural history of the disease, MM remains incurable. MicroRNAs (miRNAs) are short non-coding RNAs that control cell functions through mRNA targeting. In the cancer setting, miRNAs have shown prognostic and predictive potentials. Several preclinical findings demonstrate their broad anticancer activities in various types of cancer, including MM. In this article, we provide an overview of the biology of miRNAs focusing on the role of miRNA deregulation in MM pathogenesis. These findings represent the basis to discuss the potential role of miRNAs as therapeutic agents against MM.