Plants are challenged with numerous abiotic stresses, such as drought, cold, heat, and salt stress. These environmental stresses are major causes of crop failure and reduced yields worldwide. Phytohormones play essential roles in regulating various plant physiological processes and alleviating stressful perturbations. Jasmonate (JA), a group of oxylipin compounds ubiquitous in the plant kingdom, acts as a crucial signal to modulate multiple plant processes. Recent studies have shown evidence supporting the involvement of JA in leaf senescence and tolerance to cold stress. Concentrations of JA are much higher in senescent leaves compared with those in non-senescent ones. Treatment with exogenous JA induces leaf senescence and expression of senescence-associated genes. In response to cold stress, exogenous application of JA enhances Arabidopsis freezing tolerance with or without cold acclimation. Consistently, biosynthesis of endogenous JA is activated in response to cold exposure. JA positively regulates the CBF (C-REPEAT BINDING FACTOR) transcriptional pathway to up-regulate downstream cold-responsive genes and ultimately improve cold tolerance. JA interacts with other hormone signaling pathways (such as auxin, ethylene, and gibberellin) to regulate leaf senescence and tolerance to cold stress. In this review, we summarize recent studies that have provided insights into JA-mediated leaf senescence and cold-stress tolerance.