As detailed in previous reviews, phospholipase A2 (PLA2) enzymes belonging to the secretory PLA2 (sPLA2), cytosolic PLA2 (cPLA2), and Ca2+-independent PLA2 (iPLA2) families may play specific physiologic and pathologic roles. In the past two years, there have been considerable advances in the understanding of the regulatory functions of individual PLA2s. This short article focuses on the latest topics in the PLA2 field, which have offered new insights into this intriguing enzyme family. Specifically, I describe a novel cellular action and unexplored in vivo functions of sPLA2, expanding regulatory aspects of cPLA2, and unique functional roles of iPLA2 in apoptosis, Ca2+ homeostasis, and myocardial ischemia.