Membrane skeleton is a structure that provides strength and elasticity to the erythrocyte membrane. This features stem from the main component of this structure, a multifunctional protein called spectrin. Spectrin forms a network underlying membrane bilayer containing integral membrane proteins which interact with multiple proteins and lipid partners. Although membrane skeleton and spectrin structure have been described before, the latest discoveries show their new details and properties. In this work we summarize recent findings concerning structure and function of spectrin together with its possible role in pathology. We focus our interest on lately published structural data and we make an attempt to combine these findings with possible physiological functions.