Not all patients who fulfill the minimal criteria for the diagnosis of multiple myelomashould be treated. If a patient is younger than 70 years, autologous peripheral blood stem cell transplantation should be seriously considered. Major challenges for stem cell transplantation are: 1) the inability to eradicate multiple myelomafrom the patient, and 2) removal of myelomacells and their precursors from the rein fused stem cells. Allogeneic transplantation cannot be recommendedat present because of the excessive mortality. Nonmyeloablativeapproaches are promising. There is no evidence that combinations of alkylating agents are superior to melphalan and prednisone. The use of thalidomide and intermittently administered prednisone for maintenance is being explored. Newagents include the immunomodulatory drugs, inhibitors of the ubiquitin proteasone pathway such as PS-341, antiangiogenesis drugs including 2-methoxy-estradiol, and farnesyl transferase inhibitors. Management of skeletal complications, hypercalcemia, anemia, infection, spinal cord compression, and renal insufficiency is discussed. (Internal Medicine 41: 175-180, 2002)