The subfornical organ, the area postrema and the organum vasculosum of the lamina terminalis are considered to be sensory circumventricular organs as they contain neuronal somata which are located outside the blood-brain barrier and are thus capable of serving as 'sensors' for blood-borne humoral messengers. The endocrine hormone, vasopressin (VP), not only causes strong antidiuresis by acting on the kidney, but also exerts centrally mediated effects as a neuromodulator. Several lines of evidence suggest that VP can influence regulatory functions mediated by the sensory circumventricular organs, since vasopressinergic somata and terminals as well as VP receptors have been reposted to be present in these structures. These biochemical prerequisites offer the possibility that blood-borne VP might on the one hand act as a feedback signal from the periphery and, on the other hand, synaptically released or locally produced VP could modulate the known functions of sensory circumventricular organs, such as thirst, fever or cardiovascular regulation. This review focuses on the possible physiological relevance of VP acting on sensory circumventricular organs in view of recent evidence obtained from biochemical and electrophysiological studies at the cellular level.