Penetrating injuries to the thorax have the potential to disrupt two vital life-sustaining systems: the respiratory and the cardiovascular system. These injuries have the potential to be rapidly fatal and thus a rapid, organized, and logical approach to the evaluation and resuscitation of these patients is critical. This article briefly reviews the basic pathophysiology of penetrating chest wounds and the evaluation of both stable and unstable patients after penetrating chest injury. The recent literature is reviewed, including recent findings on screening for occult penetrating cardiac injuries, the use of needle decompression for pneumothoraces, and the expanding role of ultrasonography in the evaluation of penetrating thoracic trauma. Our goal is to review the initial management and resuscitation of patients with penetrating wounds to the thorax, with an eye toward the injuries most likely to rapidly result in death.