Serotonin (5‐hydroxytryptophan [5‐HT]) is a biologically active amine expressed in platelets, in gastrointestinal (GI) cells and, to a lesser extent, in the central nervous system (CNS). This biogenic compound acts through the activation of seven 5‐HT receptors (5‐HT1‐7Rs). The 5‐HT3R is a ligand‐gated ion channel belonging to the Cys‐loop receptor family. There is a wide variety of 5‐HT3R modulators, but only receptor antagonists (known as setrons) have been used clinically for chemotherapy‐induced nausea and vomiting and irritable bowel syndrome treatment. However, since the discovery of the setrons in the mid‐1980s, a large number of studies have been published exploring new potential applications due their potency in the CNS and mild side effects. The results of these studies have revealed new potential applications, including the treatment of neuropsychiatric disorders such as schizophrenia, depression, anxiety, and drug abuse. In this review, we provide information related to therapeutic potential of 5‐HT3R antagonists on GI and neuropsychiatric disorders. The major attention is paid to the structure, function, and pharmacology of novel 5‐HT3R modulators developed over the past 10 years.