This paper gives the basic aspects needed for a proper description of the MOSFET operation in the context of low voltage/low power applications. The particular, the threshold voltage, the mobility and the subthreshold swing which represents important issues to this respect will be discussed. The most popular procedures for the MOSFET parameter extraction will also be presented and exemplified. Finally the low frequency noise and random telegraph signals (RTS) fluctuations which become limiting factors for analog compatible CMOS circuits and even could degrade the noise margin performance of digital ULSI circuits will be addressed.