To complete cytokinesis, abscission of the proteinaceous and microtubule-rich intercellular bridge needs to occur. The midbody (MB), a structure that forms on the intercellular bridge, is a key regulator of cytokinesis and appears to play a role in downstream signaling after abscission. Initially, it was thought that after abscission was completed, the MB was degraded. However, a new body of evidence has emerged suggesting that one daughter cell or a surrounding non-daughter cell can inherit or internalize the MB, thus leading to changes in cell proliferation and differentiation. In this review, we highlight the role that the MB has after mitosis. We will focus on the rising evidence that the MB plays an important role in establishment of cell polarity, such as apical lumen formation, neurite extension, and ciliation. Additionally, we will discuss the evidence suggesting that MBs can also serve the role of signaling organelles (MBsomes) that lead to cell proliferation, differentiation, and even tumorigenicity.