The current article provides a comprehensive overview of the current strategies and the future directions of the pharmacological treatment of Alzheimer’s disease. The benefits and shortcomings of cholinergic replacement therapy is discussed in the light of its neurobiological, pharmacological and clinical data, illustrated by the most relevant randomised controlled trials and recent meta-analytical studies. The role of memantine in moderate to severe dementia, and the perspectives of combination therapy are further discussed both at clinical and neuro-pharmacological levels. In addition, the role of oestrogen replacement, antioxidants, statins, and non-steroidal antiinflammatory drugs, in the management and prevention of dementia is discussed, considering the negative results of recent controlled trials. The last segment of this review explores the treatment approaches into the molecular pathogenesis of dementia, focusing on disease-modifying candidate therapies such as anti-amyloid strategies and the immunotherapy of Alzheimer’s disease.