The synaptic vesicle cycle at the nerve terminal consists of vesicle e
xocytosis with neurotransmitter release, endocytosis of empty vesicles
, and regeneration of fresh vesicles. Of all cellular transport pathwa
ys, the synaptic vesicle cycle is the fastest and the most tightly reg
ulated. A convergence of results now allows formulation of molecular m
odels for key steps of the cycle. These developments may form the basi
s for a mechanistic understanding of higher neural function.