Pneumolysin is a multifunctional virulence factor expressed by Streptococcus pneumoniae. Pneumolysin includes 4 domains and is a member of cholesterol-dependent cytolysins. Pneumolysin has extensive cytotoxicity to a range of host cells. Furthermore, pneumolysin can activate complement classical pathway, and induce macrophages and monocytes to produce proinflammatory cytokines, mediate host immune responses. Consequently, pneumolysin is a potential candidate target for research and development of vaccines and drugs. In this review, the latest research progresses on the structure and function of pneumolysin, and related vaccines are discussed.