Human epidermal growth factor receptor 2 (HER2) is overexpressed in approximately 20% of all breast cancers. Before the development of HER2‐directed monoclonal antibodies, HER2–positive breast cancer was associated with a rather poor prognosis. With the advent of monoclonal HER2–targeting antibodies (trastuzumab and pertuzumab) and antibody‐drug conjugates (trastuzumab emtansine [T‐DM1] and trastuzumab deruxtecan), clinical outcomes for HER2–positive breast cancer have dramatically changed, and a greater proportion of patients in the nonmetastatic setting are cured. However, in the metastatic setting, resistance to anti‐HER2 treatments still remains a major therapeutic challenge, underscoring the importance of developing novel HER2‐directed therapies. Over the last year, there has been a dramatic shift in the current treatment paradigms for HER2–positive metastatic breast cancer, with recent U.S. Food and Drug Administration approvals of trastuzumab deruxtecan (DS‐8201), neratinib, and tucatinib in combination with trastuzumab and capecitabine. The authors summarize recent phase 3 data with novel HER2–targeted therapies as well as phase 1 and 2 data with other novel HER2–targeting agents.