Exosomes are small extracellular microvesicles that have an endosomal origin and are gaining increasing recognition for their important roles in mediating cell-cell communication. The content of exosomes includes a broad range of bioactive molecules, such as miRNA and signaling molecules that can mediate intercellular communication in various functional contexts. Recent studies have pointed to a critical role of exosomes in transmitting morphogen signaling during embryonic development and cancer progression. In this review we focus on recent progress that has revealed a role for exosomes in the secretion and processing of Wnt proteins, a family of morphogens with fundamental roles in homeostasis and cancer.