First isolated in the early 1960s, doxorubicin (DOX) is among the most effective anticancer agents ever developed. DOX has been used mainly for the treatment of breast cancer, solid tumors in children, soft tissue sarcomas, and aggressive lymphomas. However, the use of DOX may have dose-dependent cardiotoxic effects that generate changes in myocardial structure, which can develop into severe and irreversible cardiomyopathy. Here, we describe the incidence of DOX-induced cardiotoxicity (DIC); the progress made over the past four decades in understanding the molecular mechanisms of the pathogenesis of acute and chronic DIC; the current strategies for heart protection; and the major breakthroughs and challenges in basic and clinical research to the development of efficient targeted therapy for DIC.