Pharmacological treatment of atrial fibrillation aims at reducing symptoms and possible complications of this frequently encountered arrhythmia. Prevention of embolic events by means of oral vitamin K antagonists is therefore mandatory in most patients presenting with atrial fibrillation. Whereas in paroxysmal atrial fibrillation reduction in frequency and duration of episodes is the treatment goal, symptomatic relief of persistent atrial fibrillation can be achieved by two treatment strategies: 1) restoration of sinus rhythm, referred to as rhythm control, and 2) limitation of the average and maximal ventricular heart rate, referred to as rate control. This review provides data from relevant clinical studies addressing the effectiveness and limitations of currently available drug therapy according to the two treatment approaches.