Nitric oxide (NO), a free radical gas, acts as a neurotransmitter or neuromodulator in the central nervous system (CNS). It has been widely explored as a mediator of neuroinflammation, neuronal damages, and neurodegeneration at its pathological levels. Recently, increasing evidence suggests that NO plays key roles in mediating adult neurogenesis, the process of neural stem cells (NSCs) to generate newborn neurons for replacing damaged neurons or maintaining the function of the brain. NO synthase (NOS) is a major enzyme catalyzing the generation of NO in the brain. Recent studies indicate that three homologous NOS isoforms are involved in the proliferation of NSCs and neurogenesis. Therefore, the impact of NOS isoforms on NSC functions needs to be elucidated. Here, we summarize the studies on the role of NO and NOS with different isoforms in NSC proliferation and neurogenesis with the focus on introducing action mechanisms involved in the regulation of NSC function. This growing research area provides the new insight into controlling NSC function via regulating NO microenvironment in the brain. It also provides the evidence on targeting NOS for the treatment of brain diseases.