Interferons are important cytokines which regulate antiviral, cell growth, immune modulatory and anti-tumor functions. These pleiotropic effects of interferons are brought about by a large number of cellular proteins, the interferon-inducible proteins. Investigation of the biochemical and cellular activities of some of these proteins have revealed new pathways of regulation of cellular RNA and protein metabolism, growth and differentiation, apoptosis and signal transduction. In this article we discuss recent findings on the novel activities of a selected number of interferon-induced proteins.