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Abstract The Sentinel-2A and 2B Multi-Spectral Instrument (MSI) offers a specification of potential value toward a number of objectives in remote sensing of coral reefs. Coral reefs represent a unique challenge for remote sensing, being highly heterogeneous at metre scales and occurring at variable depths and water clarity regimes. However, conservation initiatives, such as the United Nations Sustainable Development Goals, add urgency to the need for the large scale environmental monitoring information that remote sensing can provide. In the quest to meet this challenge a range of satellite instruments have been leveraged, from Landsat to high spatial resolution sensors such as WorldView-2, toward objectives such as: mapping of bottom types, bathymetry, change detection, and detection of coral bleaching events. Sentinel-2A and 2B offer a new paradigm of available instruments, with a 5-day revisit, 10 m multispectral spatial resolution and freely available data. Pre-launch simulation analyses by several of the authors suggested Sentinel-2 would have good performance for reef applications, in this paper we follow up on this study by reviewing the potential based on the substantial archive of actual data now available. First we determine to what extent the World's reefs are covered by Sentinel-2, since the mission requirements do not by default include all reefs. Secondly we review how a 5-day revisit translates to a usable acquisition rate of clear images, given that cloud and surface glint are common confounding factors. The usable acquisition rate is the real determinant of the objectives to which the data can be applied. Finally we apply current processing algorithms to Sentinel-2 data of several sites over the Great Barrier Reef, including physics-based bathymetry inversion and object-orientated benthic mapping. Landsat 8 OLI is most comparable current sensor to Sentinel-2 MSI, so direct comparisons and the possibilities for data synthesis are explored. Our findings confirm that Sentinel-2 has excellent performance for meeting several essential coral reef scientific and monitoring objectives. Taking into account cloud and sun glint, the usable acquisition rate for a large proportion of reefs is likely to be around 20 clear images a year on average, giving a new potential for evaluation of short time-scale disturbances and impacts. The spatial resolution of 10 m is a key threshold for delineating benthic features of interest such as coral structures, and there is evidence from image and field data that bleaching is detectable. Radiometrically Sentinel-2 data can support good results in physics-based methods, such as bathymetric mapping, comparable to Landsat 8 and WorldView-2. In addition the large scale acquisition area, provided by the 290 km wide swath, offers advantages over high spatial resolution imagery for mapping at multi-reef scales. Sentinel-2 data can be immediately leveraged with existing methods, to provide a new level of reef monitoring information compared to that previously available by remote sensing. Combined with Landsat 8 and the historical Landsat archive, the data collected today will be invaluable for decades or even centuries to come. In this context, the main downside of the Sentinel-2 mission is that approximately 12% of the World's reefs currently lie outside the acquisition plan and are not imaged. Surprisingly, for a European initiative, coral reefs in European governed territories are among the worst served globally. These omissions, approximately only 1/200th of the currently imaged area, limit the global scope which otherwise would be one of Sentinel-2's greatest strengths.