Atrial fibrillation, venous thromboembolism, and valvular heart disease are the most common indications for treatment with anticoagulants. Regarding the high incidence of these diseases, it can be assumed that about 1% of the population takes oral anticoagulants. Approximately one third of the patients hospitalized in a surgical clinic receive vitamin K antagonists. Hence, general practitioners and specialists in hospitals as well as in private practice are constantly faced with different options of anticoagulatory treatment. In numerous situations, inhibitors of coagulation exhibit a substantial benefit. However, this is only achieved by accepting an increased risk of bleeding. To walk the tightrope between too much and insufficient anticoagulatory action is an important challenge in clinical practice. Knowledge of the mechanisms underlying pharmacological anticoagulation is crucial in order to evaluate the indications for and efficiently manage anticoagulant therapy. Ideally, the aim of an adequate anticoagulation should be to guarantee sufficient hemostasis in combination with simultaneous prevention of thrombus formation. This article intends to provide an overview of the coagulation system and established as well as novel pharmacological targets.