Neuropeptides regulate all important physiological, developmental, and behavioral processes in insects. Here, I review two major physiological events that are hormonally controlled, namely intermediary metabolism and ion and water transport. Peptides belonging to the family of adipokinetic hormones (AKHs) increase hemolymph carbohydrates, lipids, and proline by activating the enzyme glycogen phosphorylase or lipase in the fat body. Moreover, these pleiotropic and multifunctional peptides inhibit protein-, lipid-, and RNA synthesis, and stimulate the frequency of contraction of certain muscles. Diuretic hormones that are related to the vertebrate corticotropin-releasing factor (CRF-related DHs) or belong to the family of kinins (which also have a myotropic action) or the cardioacceleratory peptides (CAPs), which increase the frequency of the heartbeat, all stimulate the secretion of fluid in Malpighian tubules (MTs) in vitro. Only a few true antidiuretic hormones are known: those from mealworms that inhibit the fluid transport in MTs in vitro, probably neuroparsins that stimulate water absorption by everted rectal sacs in vitro, and the desert locust's ion-transport peptide (ITP). Biosynthesis, release, receptors, mode of action, inactivation, structure-activity studies, and biological functions are discussed for the various peptides.