Postweaning multisystemic wasting syndrome (PMWS) is a worldwide emerging disease of weaned piglets. The objective of this review is to summarize the current knowledge regarding PMWS, its causative agent, mode of transmission, diagnostic techniques to detect PCV-2, the possible control measures, and the association of PMWS and PCV-2 with porcine dermatitis and nephropathy syndrome (PDNS). The causative agent of PMWS is porcine circovirus type 2 (PCV-2), however, not all pigs infected with PCV-2 develop the syndrome. PCV-2 is consistently associated with PMWS and PMWS is considered not to occur without it. Both the syndrome and the virus are not regarded as new. Co-factors that could activate PCV-2 to cause PMWS are considered. This enigmatic nature of both the syndrome and the virus is triggering a concern towards uncertainties of the viral transmission, its introduction in to the herd, effective tools of diagnosis, and control strategies.