Ovarian follicles consist of oocytes and somatic cells such as granulosa cells. In well-developed antral follicles, granulosa cells are sub-divided into cumulus cells associated with oocytes, and mural granulosa cells lining the follicular wall. Cumulus cells are specialized to support oocyte development, whereas mural granulosa cells carry out endocrine functions such as estrogen production. Oocytes produce several growth factors to regulate the development and function of these granulosa cell populations. This review introduces current knowledge regarding the mechanisms of how oocyte-derived paracrine factors regulate granulosa cell development.