In this work we review the role of hyperons on the properties of neutron and proto-neutron stars. In particular, we revise the so-called "hyperon puzzle", go over some of the solutions proposed to tackle it, and discuss the implications that the recent measurements of unusually high neutron star masses have on our present knowledge of hypernuclear physics. We reexamine also the role of hyperons on the cooling properties of newly born neutron stars and on the so-called r-mode instability.