TRPM1, initially named Melastatin, is the founding member of the TRPM subfamily of Transient Receptor Potential (TRP) ion channels. Despite sustained efforts, the molecular properties and physiological functions of TRPM1 remained elusive until recently. New evidence has uncovered novel TRPM1 splice variants and revealed that TRPM1 is critical for a non-selective cation conductance in melanocytes and retinal bipolar cells. Functionally, TRPM1 has been shown to mediate retinal ON bipolar cell transduction and suggested to regulate melanocyte pigmentation. Notably, TRPM1 mutations have also been associated with congenital stationary night blindness in humans. This review will summarize and discuss our present knowledge of TRPM1: its discovery, expression, regulation, and proposed functions in skin and eye.