p53 is an indispensible tumor suppressor and exerts this function by transactivating numerous downstream target genes that play vital roles in controlling cell proliferation, apoptosis, senescence, and DNA repair. Mutations in the p53 gene, which are frequently seen in human tumors, impair its tumor suppressor function. Several of these tumor-derived p53 mutants can confer further aggressive oncogenic properties such as exacerbated malignant transformation and metastatic phenotype when overexpressed in p53-null cells. This oncogene-like behavior of mutant p53 is referred to as gain of function. The exact mechanism underlying gain-of-function phenotypes, however, remains enigmatic. Recently, we have generated mice with a point mutation (p53(R172H)) in their endogenous p53 loci as a model for the human Li-Fraumeni syndrome. The mutant p53(R172H) knock-in mice spontaneously develop tumors with high frequency of metastasis, contrary to that observed in mice with p53 deletion, indicating gain of function by the mutant p53R172H. In addition, our results show that other p53 family members, p63 and p73, are involved in the gain-of-function phenotypes. We further demonstrate that mutant p53(R172H) is inherently unstable and its stabilization is required for its gain-of-function phenotypes. This review focuses on recent reports regarding the potential molecular pathways for mutant p53 gain of oncogenic function and discusses its clinical implications.