Anandamide (N‐arachidonoylethanolamine) and 2‐arachidonoylglycerol are the two endogenous agonists of cannabinoid receptors discovered to date. Like other eicosanoids, and unlike classical neuromodulators, these two compounds are synthesized by neurons on demand, i.e., their biosynthesis, rather than release, is stimulated by Ca²⁺ influx and cell membrane depolarization. Both endocannabinoids can be produced from membrane phosphoglycerides through the action of phospholipases, althoughde novo pathways have also been suggested. Once released by cells, the action of both anandamide and 2‐arachidonoylglycerol is terminated—after their diffusion through the cell membrane—by the hydrolysis of the amide or ester bonds to yield arachidonic acid, which is then immediately reincorporated into phospholipids. One enzyme, fatty acid amide hydrolase, catalyzes the hydrolysis of both endocannabinoids in nervous and nonnervous cells. This enzyme also recognizesN‐palmitoylethanolamine, an antiinflammatory congener of anandamide, with a catalytic efficiency that depends on the cell type under study. However, the existence of different isozymes with different affinity for anandamide andN‐palmitoylethanolamine has not been investigated. Moreover, little work has been performed on the regulation of anandamide formation and breakdown, and several open questions remain as to the possible biosynthetic and degradative mechanisms of cannabimimetic 2‐arachidonoylglycerol in nucleated blood cells such as macrophages. Finally, the co‐existence of both endocannabinoids in invertebrates has not been fully established. Here we briefly review the state of the art, and present new data from our laboratory, on these four largely unexplored aspects of endocannabinoid metabolism.