Neurotrophic factor is a kind of protein family that plays an important role in the nutrition, support and differentiation to central neurons as well as synaptic plasticity. Growing evidences have revealed that pro-forms of various neurotrophic factors, which are generated in process of protein synthesis and might exert opposite roles involving in inducement of neuronal apoptosis and implication in pathogenesis of neurodegenerative diseases. This paper reviews "Yin/Yang" features of neurotrophic factors in the anabolism, receptor regulation, functional aspects, and their related role in pathogenesis of neurodegenerative diseases. It is hopefully to provide new idea on understanding and investigation of the neurotrophic factors regarding on their functional, pathological and potential therapeutic significance.