Natural peatlands regulate greenhouse gas (GHG) fluxes through a permanently high groundwater table, causing carbon dioxide (CO2) assimilation but methane (CH4) emissions due to anaerobic conditions. By contrast, drained and disturbed peatlands are hotspots for CO2 and nitrous oxide (N2O) emissions, while CH4 release is low but high from drainage ditches. Generally, in low-latitude (tropical and subtropical) peatlands, emissions of all GHGs are higher than in high-latitude (temperate, boreal, and Arctic) peatlands. Their inherent dependence on the water regime makes peatlands highly vulnerable to both direct and indirect anthropogenic impacts, including climate change-induced drying, which is creating anthro-natural ecosystems. This paper presents state-of-the-art knowledge on peatland GHG fluxes and their key regulating processes, highlighting approaches to study spatio-temporal dynamics, integrated methods, direct and indirect human impacts, and peatlands' perspectives.