Since development of trastumumab for HER-2/neu amplified breast cancer and imatininb for chronic myelogenous leukemia harboring a bcr-abl translocation, a number of targeted drugs have been approved by the Food and Drug Administration in the United States because of superior tumor control and/or prolongation of overall survival compared to the conventional cytotoxic chemotherapy drugs. These include EGFR inhibitors for EGFR mutant lung cancer, ALK translated lung cancer, BRAF inhibitors for V600 BRAF mutant melanoma, PARP inhibitors for BRCA-mutant ovarian cancers among others. The success of targeted therapy depends on identification of relevant functional genetic and epigenetic alterations and development of potent selective drugs against these genetic / molecular targets. Although an increasing number of targeted drugs are being developed against these known and/or newly discovered targets, a majority of patients with solid tumor do not benefit from these drugs due to emergence of tumor resistance to the drugs or a lack of actionable targets. To overcome these clinical dilemma, close collaborations between basic scientists and clinicians will be absolutely essential.