We present Perceive Anything Model (PAM), a conceptually straightforward and efficient framework for comprehensive region-level visual understanding in images and videos. Our approach extends the powerful segmentation model SAM 2 by integrating Large Language Models (LLMs), enabling simultaneous object segmentation with the generation of diverse, region-specific semantic outputs, including categories, label definition, functional explanations, and detailed captions. A key component, Semantic Perceiver, is introduced to efficiently transform SAM 2's rich visual features, which inherently carry general vision, localization, and semantic priors into multi-modal tokens for LLM comprehension. To support robust multi-granularity understanding, we also develop a dedicated data refinement and augmentation pipeline, yielding a high-quality dataset of 1.5M image and 0.6M video region-semantic annotations, including novel region-level streaming video caption data. PAM is designed for lightweightness and efficiency, while also demonstrates strong performance across a diverse range of region understanding tasks. It runs 1.2$-$2.4$\times$ faster and consumes less GPU memory than prior approaches, offering a practical solution for real-world applications. We believe that our effective approach will serve as a strong baseline for future research in region-level visual understanding.