Phosphoinositides have recently emerged as key regulators of a variety of synaptic processes, including neurosecretory vesicle targeting, exo-endocytosis, and ion channel modulation. These pleiotropic activities derive from their ability to serve either as membrane targeting sites for cytosolic factors, as allosteric ligands, or as nucleation points for coat proteins and cytoskeletal elements. This versatility depends upon the existence of highly diversified enzymatic machinery for their synthesis and degradation, which governs, both temporally and spatially, their appearance in the microenvironment of the synapse.