Multiple myeloma will be diagnosed in over 14,000 new patients over the next year. While myeloma is rarely curable, recent advances have improved the care and outlook for most patients. Recent progress has been made on the molecular characterization of myeloma, cytogenetics, prognosis, and supportive care. Randomized trials have proven the efficacy of high-dose therapy supported by autologous transplantation. Reduced-intensity allogeneic transplantation, associated with much less morbidity and mortality than standard myeloablative transplantation, can now be offered to more myeloma patients. And finally, a greater understanding of the pathophysiology of myeloma development and progression, growth, and survival have led to the development and clinical use of several novel therapeutics. This review will discuss recent improvements in therapies for myeloma focusing on transplantation and novel targeted therapies.