In electrically nonexcitable cells, Ca²⁺ influx is essential for regulating a host of kinetically distinct processes involving exocytosis, enzyme control, gene regulation, cell growth and proliferation, and apoptosis. The major Ca²⁺ entry pathway in these cells is the store-operated one, in which the emptying of intracellular Ca²⁺ stores activates Ca²⁺ influx (store-operated Ca²⁺ entry, or capacitative Ca²⁺ entry). Several biophysically distinct store-operated currents have been reported, but the best characterized is the Ca²⁺ release-activated Ca²⁺ current, I_CRAC. Although it was initially considered to function only in nonexcitable cells, growing evidence now points towards a central role for I_CRAC-like currents in excitable cells too. In spite of intense research, the signal that relays the store Ca²⁺ content to CRAC channels in the plasma membrane, as well as the molecular identity of the Ca²⁺ sensor within the stores, remains elusive. Resolution of these issues would be greatly helped by the identification of the CRAC channel gene. In some systems, evidence suggests that store-operated channels might be related to TRP homologs, although no consensus has yet been reached. Better understood are mechanisms that inactivate store-operated entry and hence control the overall duration of Ca²⁺ entry. Recent work has revealed a central role for mitochondria in the regulation of I_CRAC, and this is particularly prominent under physiological conditions. I_CRAC therefore represents a dynamic interplay between endoplasmic reticulum, mitochondria, and plasma membrane. In this review, we describe the key electrophysiological features of I_CRAC and other store-operated Ca²⁺ currents and how they are regulated, and we consider recent advances that have shed insight into the molecular mechanisms involved in this ubiquitous and vital Ca²⁺ entry pathway.