Terminal follicular differentiation and ovulation are essential steps of reproduction. They are induced by the increase in circulating LH, and lead to the expulsion from the ovary of oocytes ready to be fertilized. This review summarizes our current understanding of cellular and molecular pathways that control ovulation using a broad mammalian literature, with a specific focus to the mare, which is unique in some aspects of ovarian function in some cases. Essential steps and key factors are approached. The first part of this review concerns LH, receptors and signaling, addressing the description of the equine gonadotropin and cloning, signaling pathways that are activated following the binding of LH to its receptors, and implication of transcription factors which better known are CCAAT-enhancer-binding proteins (CEBP) and cAMP response element-binding protein (CREB). The second and major part is devoted to the cellular and molecular actors within follicular cells during preovulatory maturation. We relate to 1) molecules involved in vascular permeability and vasoconstriction, 2) involvement of neuropeptides, such as kisspeptin, neurotrophins and neuronal growth factor, neuropeptide Y (NPY), 3) the modification of steroidogenesis, steroids intrafollicular levels and enzymes activity, 4) the local inflammation, with the increase in prostaglandins synthesis, and implication of leukotrienes, cytokines and glucocorticoids, 5) extracellular matrix remodelling with involvement of proteases, antiproteases and inhibitors, as well as relaxin, and finaly 6) the implication of oxytocine, osteopontin, growth factors and reactive oxygen species. The third part describes our current knowledge on molecular aspect of in vivo cumulus-oocyte-complexe maturation, with a specific focus on signaling pathways, paracrine factors, and intracellular regulations that occur in cumulus cells during expansion, and in the oocyte during nuclear and cytoplasmic meiosis resumption. Our aim was to give an overall and comprehensive map of the regulatory mechanisms that intervene within the preovulatory follicle during differentiation and ovulation.