Glucagon‐like peptide‐1 (GLP‐1) is a proglucagon‐derived peptide secreted from gut endocrine cells in response to nutrient ingestion. The multifaceted actions of GLP‐1 include the following: (1) the stimulation of insulin secretion and of its gene expression, (2) the inhibition of glucagon secretion, (3) the inhibition of food intake, (4) the proliferation and differentiation of beta cells, and (5) the protection of beta‐cells from apoptosis. The therapeutic utility of the native GLP‐1 molecule is limited by its rapid enzymatic degradation by a serine protease termed dipeptidyl peptidase‐IV (DPP‐IV). The present article reviews the research studies aimed at elucidating the biosynthesis, metabolism, and molecular characteristics of GLP‐1 since it is from these studies that the development of a GLP‐1‐like pharmacological agent may be derived. Copyright © 2005 John Wiley & Sons, Ltd.