Preceptorship and mentorship are both based on principles of adult education and involve experiential, student-centered learning. Preceptorial relationships are especially useful in developing the practical skills of students. The preceptor works either with small groups of students or one-on-one with individual students, and serves as a teacher, role model, and evaluator. Preceptorial relationships between a teacher and a student are relatively short, and generally span the duration of a course or student rotation. Mentoring involves an intense, global, and long-term relationship between a mentor and a protégé/e, and-encompasses both professional and personal domains. It spans several years and may extend far beyond the period of the structured mentorship. The mentor serves as a teacher, role model, coach, and confidant for the protégé/e and works one-on-one with a protégé/e to achieve various outcomes. Both parties reap significant rewards as a result of the mentorship, and are transformed in the process. Preceptors and mentors must be appropriately selected and adequately trained. Comprehensive faculty development courses and workshops should be designed and implemented to enhance the requisite skills of both groups. The effectiveness of preceptorship and mentorship needs to be continually assessed and appropriate steps taken to further enhance these special educational options. Both options should be included in medical and health sciences education to train competent and well-rounded professionals for the future.