Follicular development is characterized by intensive proliferation and differentiation of granulosa cells. It was reported that during follicular growth granulosa cells arise from the population of stem cells. One of the main evidences for stem characteristics of the cell is the ability to express telomerase – an enzyme complex responsible for integrity and stability of chromosome ends (telomeres). It was demonstrated that telomerase activity in granulosa cells is linked to their proliferation and differentiation status and is under the control of growth factors and steroid hormones. In this review current knowledge on the existence and regulation of telomerase activity in granulosa cells has been presented.