The synaptic vesicle is currently the most well-characterized cellular organelle. During neurotransmitter release it undergoes multiple cycles of exo- and endocytosis. Despite this the vesicle manages to retain its protein and lipid composition. How does this happen? Here we provide a brief overview of the molecular architecture of the synaptic vesicle, and discuss recent studies investigating single vesicle behavior and the mechanisms controlling the vesicle's molecular contents.