Recent advances in the understanding of the molecular and biological aspects of multiple myeloma have opened new horizons in the management and treatment of this hitherto incurable disease. With better understanding of the pathobiological 'web' responsible for triggering plasma cells to develop into myeloma, scientists have been able to develop therapeutic strategies that target not only the myeloma cell, but its microenvironment as well. This article will review novel agents commonly used to treat multiple myeloma, either alone or in combination. The role of these agents as induction therapy in newly diagnosed, relapsed and/or refractory disease will also be evaluated. Finally, an overview of novel therapies moving from the bench to the bedside will be provided.