B lymphocyte induced maturation protein 1 (Blimp-1) has long been considered a master regulator of the terminal differentiation of B cells into antibody-secreting plasma cells. Gene-targeting experiments have now demonstrated that quantitative changes in Blimp-1 expression define plasma cell ontogeny--a process that requires the continual function of Blimp-1. Recently, new roles for Blimp-1 have been revealed, as a suppressor of diffuse large B cell lymphoma and as a key regulator of T-cell differentiation. Blimp-1 is expressed in differentiated effector T cells and controls their homeostasis. These new findings suggest that Blimp-1 has a conserved function in the final differentiation of both the cellular and the humoral arm of the adaptive immune response.