Somatostatin is a neuropeptide that confers a wide range of pharmacological properties. Indium-111-tagged pentetreotide ((111)In-P) is a radiolabeled analogue of somatostatin indicated for the in vivo scintigraphic localization of neuroendocrine tumors (NET). In cases of NET of the gastro-intestinal tract we describe the sensitivity compared to conventional anatomical imaging modalities and especially the possibility that (111)In-P may change therapeutic management into up one fourth of the patients. In cases of small cell lung carcinoma it has been used for the evaluation of somatostatin receptor status and a substantial tool for differentiation between limited and extensive disease, especially when combined with anatomical imaging methods. We also describe the radiolabeled with yttrium-90 or lutetium-177 somatostatin analogue peptides in the treatment of NET and also the use of (111)In-P for the selection of patients for targeted treatment.