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Neuroglobin (Ngb), a monomeric hexacoordinated heme protein of 17 kDa, was identified in 2000 in the nervous system. Accumulative evidence has proved that Ngb is an endogenous neuroprotective molecule against ischemic/hypoxic insults and oxidative stresses, and in most ischemic conditions, Ngb is up-regulated. The underlying mechanisms, however, are not fully clarified. Here we review the recent experimental findings, mainly focusing on the mechanisms of Ngb’s protection and induction during ischemic/hypoxic conditions, the roles of Ngb in astrocytes and tumors, as well as Ngb’s function in neurite outgrowth.