Nitrate reductase (NR) is a key enzyme for nitrogen acquisition by plants, algae, yeasts, and fungi. Nitrate, its main substrate, is required for signaling and is widely distributed in diverse tissues in plants. In addition, NR has been proposed as an important enzymatic source of nitric oxide (NO). Recently, NR has been shown to play a role in NO homeostasis by supplying electrons from NAD(P)H through its diaphorase/dehydrogenase domain both to a truncated hemoglobin THB1, which scavenges NO by its dioxygenase activity, and to the molybdoenzyme NO-forming nitrite reductase (NOFNiR) that is responsible for NO synthesis from nitrite. We review how NR may play a central role in plant biology by controlling the amounts of NO, a key signaling molecule in plant cells.