YB-1 is a multifunctional DNA/RNA-binding protein of animal cells that participates in reproduction, storing and expression of genetic information. This protein displays high nonspecific and specific affinity for RNA and accompanies mRNA during its entire lifetime, from synthesis to decay. In the nucleus, YB-1 regulates mRNA processing. In the cytoplasm, it is responsible for the global and selective regulation of protein synthesis and for mRNA life span. This review is mostly focused on the role played by YB-1 in regulation of translation, and specifically, on possible mechanisms of its positive and negative effects. Evidence based on our recent results is provided for YB-1 acting as the major structural component of mRNPs and for its participating, together with mRNA, in formation of these particles. Also, we first present an overall detailed description of specific interaction between YB-1 and RNA.