Since the prevalence of MBL is several hundred times more common than CLL or the NHLs of corresponding phenotype, the above studies raised the possibility that CLL and the low grade NHLs may have highly prevalent precursor states analogous to the relationship between monoclonal gammopathy of undetermined significance (MGUS) and multiple myeloma or adenomatous polyps and colon cancer. This discovery has raised a host of clinical and biologic questions that have been the focus of intense investigation over the last decade. In the present manuscript we provide a state of the art review on the prevalence, biology, natural history, nomenclature/classification, and clinical management of MBL.