This article focuses on opportunities and challenges of talent management in an environment of small and medium-sized enterprises. The talent management is not very used in practice of Czech enterprises. Therefore, there are many uncertainties on the use of talent management in small and medium enterprises. It is well known that small and medium-sized enterprises have limitations compared to large companies in the area of ​​talent management. Many of them are interested in the fact that the application of talent management is advantage for them and have a strategic importance for the company. This article aims to identify the benefits and risks of the talent management applications for small and medium-sized enterprises. The article based on available research results and studies. There are used the method of logical deduction, analysis and comparison of the views of experts in the problem.