One of the biggest obstacles to drug development for the central nervous system (CNS) is the blood–brain barriers (BBBs). These consist of the vascular BBB, the choroid plexus (blood‐cerebrospinal fluid barrier), the tanycytic barrier at the circumventricular organs, and some specialized barriers, such as the blood–retinal barrier. Of these barriers, the vascular BBB is the most studied and most targeted for CNS drug delivery. An understanding of the composition and nature of the barriers is useful in drug development and explains both the success and difficulties of using transcellular diffusion, the mechanism used by nearly all the currently CNS active drugs, for small molecules. An understanding of the vascular BBB also explains why the intuitively appealing approaches of BBB disruption and Trojan horse have been so disappointing. Alternative approaches, including discovery, use, or modulation of transporters, adaption of adsorptive transcytosis, and targeting the BBB itself are intriguing but largely unexploited. Strategies for using these underexploited approaches are examined and specific examples are given.