This document discusses monoclonal gammopathy of undetermined significance (MGUS), a premalignant condition characterized by a monoclonal plasma cell proliferation and monoclonal paraprotein in the blood. It describes the incidence, risk factors, pathophysiology, clinical features, investigations, diagnosis, differential diagnosis, natural history, risk factors for progression, risk stratification, and management of MGUS. It also discusses smoldering multiple myeloma, a related condition with a monoclonal paraprotein level >3g/dL and/or >10% plasma cells in the bone marrow without symptoms of multiple myeloma.