Maturation (M‐phase) promoting factor (MPF) plays a pivotal role in oocytes during their maturation. This review concentrates on its function at three important time‐points. First, its activation during meiotic progression from prophase I arrest at germinal vesicle breakdown. Second, its role during the transition from meiosis I to meiosis II, a defining feature of meiosis involving segregation of homologous chromosomes. Third, maintenance of its activity at metaphase II arrest and the necessity for its destruction during oocyte activation. An understanding of how oocytes switch it on and turn it off underpins much of the basic cell biology of oocyte maturation.