Apoptosis (programmed cell death) is essential process in multicellular organisms. Apoptosis plays an important role in cell differentiation, damaged cell elimination, and immune system homeostasis. The review focuses on various mechanisms of signal transduction through caspase-2, which is thought to be one of the most enigmatic proteases involved in apoptosis. Caspase-2 is activated upon stimulation by various factors, including genotoxic stress, death receptor ligation, endoplasmic reticulum stress, metabolic changes, and a number of others. In addition, caspase-2 can act as a tumor suppressor and has been implicated in the cell response to oxidative stress and neurodegenerative progression during ischemic brain injury. Thus, the variety of pathways triggered by caspase-2 sets the enzyme apart from other members of the family and suggests a prominent role in apoptosis. The review analyzes the various functions of this unique caspase and discusses the possible applications of the available knowledge about it in modern oncology and medicine.