Wound exudate is all too often perceived as a clinical management problem. While this can be the case, it should be recognized that exudate does fulfil an important function in the healing process. Gradual acceptance of the benefits of moist wound healing, combined with the current goals of the ‘ideal’ moist environment, focuses attention on the role of exudate. This review is intended to define the components and functions of ‘normal’ exudate and differentiate it from abnormal exudate.