To date, the major function attributed to telomerase has been the elongation of telomeres. Recent studies have assigned new biochemical properties to telomerase by implicating a role in tumor metastasis and cellular differentiation by virtue of its modulation of novel cell signaling pathways such as glycolysis. In this Perspective we will discuss these recent results that have provided additional insight into the involvement of telomerase in cellular processes other than telomere maintenance at chromosome ends.