MicroRNAs (miRNAs) are a growing class of evolutionarily conserved small non-coding RNAs that act as key regulators of gene expression at post-transcriptional level by targeting mRNAs for translational repression or degradation. These tiny regulators of gene expression have been shown to have unique tissue-specific, developmental stage-specific and disease-specific patterns. These observations suggest that miRNAs might be essential players in cell differentiation and maintenance of tissue type identity. Indeed, during the last years several studies highlighted that miRNAs play a critical role in the differentiation and function of the adaptive and innate immune systems. This review provides an overview of the miRNAs mode of action and of the important and diverse roles of miRNAs in regulating the development of hematopoietic system and in modulating immune responses. The implications arising in the field of autoimmune diseases will be discussed.