Over the past few decades, a dramatic increase in our understanding of the pathophysiology of penile erection has occurred. The advent of phosphodiesterase type 5 inhibitors has revolutionized the treatment of erectile dysfunction (ED), while the introduction of modern penile prosthesis has almost completely replaced the need for vascular surgery. Despite the efficacy of current therapeutic options for ED, they are not without limitations and remain insufficient to address the growing patient population and various underlying medical conditions. Newer and novel ED therapies aspire to treat underlying microvascular abnormalities, prevent cavernosal fibrosis, promote endothelial revascularization, modulate neurohormonal pathways, and regenerate new penile tissue.