Macrophage polarisation occurs via activation of distinct transcription factors and determines their function. Macrophages (Mφs) are highly plastic cells, adopting phenotypic and functional states that can be classified along a polarisation spectrum. At the two opposite ends of this spectrum lie the M1-like and M2-like Mφs. The former are induced by the presence of inflammatory mediators (e.g., LPS, IFN-γ, GM-CSF), signalling through STAT1/2, and display expression of CD80 and CD86 cell surface markers. Soluble, pro-inflammatory mediators released resemble Th1-like cytokines such as IL-12, IL-1β and TNF-α. Functional polarisation towards an M1-like phenotype occurs in the presence of bacteria, Th1 T-cells and fibroblasts and their respective secreted factors. At the other end of the spectrum lie alternatively activated M2-like Mφs, induced by IL-6, IL-10, M-CSF, CCL2, and IL-4/IL-13 released by mesenchymal stem/stromal cells (MSCs), Th2 T-cells and fibroblasts/cancer associated fibroblasts (CAFs). The main transcription factors involved in M2-like polarisation are C/EBPβ, MYC/FOS, and STAT3/6. Their secretome includes a number of anti-inflammatory, Th2-like mediators, such as Arg1, TGF-β and IL-10. Cell-surface expression of CD163 and CD206 distinguish M2-like from M1-like Mφs and have the potential to be used as prognostic markers in a number of human cancers, including AML (created using Servier Medical Art; Created using Biorender.com).