Arginine methylation, catalyzed by various protein arginine methyltransferases (PRMTs), is increasingly recognized as a widespread post-translational modification in eukaryotes. Thousands of proteins undergo arginine methylation, however, a full picture of the catalytic network for each PRMT is lacking, limiting the global understanding of their biological roles. In this study, we reported a systematic identification of interacting proteins for all human PRMTs, and the resulting interactomes are significantly overlapped with the known proteins containing methylarginine. The conserved motifs for arginine methylation by each PRMT were further determined, with several novel motifs being validated. Among different PRMTs, we found a high degree of overlap in their substrates and high similarities between their putative methylation motifs, suggesting possible functional complementation. We demonstrated that arginine methylation is significantly enriched in RNA binding proteins involved in regulating RNA splicing and translation. Consistently, inhibition of PRMTs leads to global alteration of alternative splicing and suppression of translation. In particular, the ribosomal proteins are pervasively modified with methylarginine, and the mutations on methylation sites inhibit ribosome assembly and translation. Collectively, this study provides a global network of different PRMTs and putative substrates, revealing critical functions of arginine methylation in the regulation of mRNA splicing and translation.