Patients with known cardiovascular (CV) disease who have not suffered a recent acute event are often referred to as having 'stable coronary artery disease (CAD)'. The concept of 'stable' CAD is misleading for two key reasons: the continuing risks of CV events over the longer term, and the diverse but powerful spectrum of risk characteristics. The risks of CV events are frequently underestimated and occur despite current standards of care for secondary prevention, including lifestyle changes, optimal medical therapy, myocardial revascularization, and use of antiplatelet agents to limit thrombosis. In dispelling the myth of 'stable' CAD, we explore the pathophysiology of the disease and the relative contribution of plaque and systemic factors to CV events. A broader concept of the vulnerable patient, not just the 'vulnerable' plaque, takes into account the diversity and future risks of atherothrombotic events. We also evaluate new and ongoing research into medical therapies aimed at further reducing the risks of CV events in patients with chronic but not 'stable' atherothrombotic disease.