Very little can be done to abate or control the progression of dementia, a clinical syndrome most commonly encountered later in life and manifested by impairments in cognition, language, and memory. The percentage of the world's elderly population is increasing, and so too is the need for effective pharmaceutical interventions for dementias such as Alzheimer's disease (AD), age‐associated memory impairment (AAMI), multi‐infarct dementia (MID), vascular dementia, and Parkinsonian dementia. Advances have been made in understanding the etiology of these diseases, but much remains to be discovered. In this chapter we have focused on the development of several therapeutic approaches that have in common the ability to modulate gated ion channels, and as such, have the potential to affect multiple neurotransmitter systems. Specifically, we discuss the structure‐activity relationship (SAR) and behavioral outcome for ligands interacting with the (1) γ‐aminobutyric acid subtype A benzodiazepine receptor (GABA
A
/BzR); (2) nicotinic acetylcholine receptor (nAChR); (3) serotonin subtype 3 receptor (5‐HT
3
R); and (4) the potassium M‐channel.