Due to their ability to kill cancer cells and produce pro-inflammatory cytokines, natural killer (NK) cells have long been of clinical interest for their anti-tumor properties. The recent discovery of NK cell memory demonstrates that NK cell functions, and potentially anti-tumor responses, can be enhanced long-term. Following non-specific activation with the cytokines IL-12, IL-15, and IL-18 or in response to antigens or cytomegalovirus (CMV), human and mouse NK cells exhibit stable, enhanced functional responses with phenotypic and molecular changes. Here we review mechanisms driving differentiation of NK cell memory-like properties, evidence for anti-tumor activity, and the challenges and opportunities in harnessing these for cancer immunotherapy.