In recent years, major advances have been made in the treatment of acute myeloid leukemia (AML) in younger patients, but the prognosis for elderly AML patients remains poor. This review focuses on current and emerging data on the treatment of AML in the elderly. Most elderly patients are not considered for induction therapy. Cytarabine and anthracycline combination therapies induce remission in up to 50% of cases of newly diagnosed AML, and the median survival duration ranges between 5 and 10 months. Targeted therapies such as monoclonal antibodies (gemtuzumab ozogamicin), farnesyltransferase inhibitors (tipifarnib), tyrosine kinase inhibitors (lestaurtinib) and hypomethylating agents (decitabine and valproic acid) are being investigated in elderly patients with AML. Autologous and reduced-intensity allogeneic stem cell transplantation has been used in selected patients.