As a member of the protein phosphatase type 2C (PP2C) family, wild-type p53 induced phosphatase 1(Wip1) is encoded by PPM1D. Previous researches have shown that overexpressed in various types of human tumors, Wip1 serves a major role in tumorigenesis, progression, invasion and distant metastasis. At the molecular level, Wip1 plays an important role in the spatial and temporal regulation of protein phosphorylation in numerous signaling pathways. Many recent studies have found that Wip1 also participates in several biological processes, such as neurogenesis, haematopoietic stem cell homeostasis and cardiovascular disease. In this article, we review the research progress of roles of Wip1 in the molecular mechanism of neoplasm, haematopoietic stem cell homeostasis, adult neurogenesis, and cardiovascular disease.