There is increasing evidence from studies on animals and humans that surfactant administration may have a great impact on cerebral perfusion. These effects may result from direct pulmonary or hemodynamic changes (or a combination of both), but may also be due to rapid alterations of blood gases. Type of surfactant and mode of administration seem to play an important role. Results from the pertinent literature are summarised with a special emphasis on how to avoid potentially harmful side effects of surfactant therapy in preterm infants.