Anti-Müllerian hormone (AMH) is produced by the granulosa cells of the growing follicles in the ovary. Serum AMH highly correlates with the antral follicle count (AFC) and represents a reliable biomarker of ovarian reserve (OR). The advantage of AMH over other markers of the ovarian reserve lies in its high reproducibility due to the small variations in concentration between and within menstrual cycles. It is an excellent predictor of quantitative ovarian response to controlled ovarian stimulation (COS) protocols used in assisted reproductive technology (ART). AMH predicts the possibility of poor ovarian response, as well as the risk of ovarian hyperstimulation syndrome. Its main clinical application is to optimize ovarian response in COS and reduce hyperstimulation risks by aiding the selection of appropriate stimulation protocols and gonadotropin doses. Although it is a great predictor of oocyte yield, AMH has a weak predictive utility regarding clinical pregnancy and live birth rates. There is also limited evidence of predicting oocyte quality, embryo quality and miscarriage rates. However, a correlation of follicular fluid AMH with some qualitative ART outcomes has been observed. AMH could also be an indirect predictor of premature menopause onset in patients at risk. The growing importance of this hormone in clinical practice contributed to the development of numerous AMH immunoassays. So far, the comparison of AMH values measured by different immunoassays has been a problem due to large variations in results. However, a solution is offered with new automated immunoassays being developed. AMH is the marker of choice in assessing ovarian reserve. In the future, its utility in the individualization of stimulation protocols could be further explored and more accurate prediction models could be developed. It is important to work on establishing an international AMH measuring standard and investigate additional factors influencing its serum concentration in order to improve the interpretation of AMH values in clinical application.