Recent years have brought new diagnostic and therapeutic tools for the patients with multiple myeloma. New methods have become available to assess the biology and the extent of multiple myeloma, such as testing for cytogenetic and precise evaluation of extramedullar and minimal residual disease. New drugs have entered the clinical practice leading to significant outcome improvements but also resulting in the need of prevention and treatment for their side effects. In this review, novel diagnostic and therapeutic methods are discussed in the context of their practical utilization in a real-life clinical practice.