Statins are widely used drugs in the prevention of atherosclerotic cardiovascular disease, but their pleiotropic effects are of growing interest to researchers. In addition to lowering LDL cholesterol levels, they exhibit anti-inflammatory effects, reduce oxidative stress, and improve endothelial function and vascular tension. At the same time, their effect on cognitive functions remains ambiguous. Some studies indicate potential benefits of statin use in reducing beta-amyloid deposition in the brain, especially in patients with Alzheimer's disease. On the other hand, population data on people without dementia are divergent, and their interpretation is complicated by the diversity of research methodologies and the complexity of the mechanisms of action of 3-hydroxy-3-methyl-glutaryl coenzyme A (HMG-CoA) reductase inhibitors. Given the increasing number of people with dementia, including Alzheimer's disease, it is crucial to understand the potential impact of statins on neurocognitive function. This review focuses on the available evidence regarding the impact of statins on cognitive function in both people with and without cognitive impairment. It includes molecular mechanisms discovered from laboratory studies as well as clinical data.