Human mitochondria contain their own genome, which uses an unconventional genetic code. In addition to the standard AUG methionine codon, the single mitochondrial tRNA Methionine (mt‐tRNA) also recognises AUA during translation initiation and elongation. Post‐transcriptional modifications of tRNAs are important for structure, stability, correct folding and aminoacylation as well as decoding. The unique 5‐formylcytosine (f$\mathrm{<mrow\; data-mjx-texclass="ORD">5</mrow>}$C) modification of position 34 in mt‐tRNA has been long postulated to be crucial for decoding of unconventional methionine codons and efficient mitochondrial translation. However, the enzymes responsible for the formation of mitochondrial f$\mathrm{<mrow\; data-mjx-texclass="ORD">5</mrow>}$C have been identified only recently. The first step of the f$\mathrm{<mrow\; data-mjx-texclass="ORD">5</mrow>}$C pathway consists of methylation of cytosine by NSUN3. This is followed by further oxidation by ABH1. Here, we review the role of f$\mathrm{<mrow\; data-mjx-texclass="ORD">5</mrow>}$C, the latest breakthroughs in our understanding of the biogenesis of this unique mitochondrial tRNA modification and its involvement in human disease.