More than 50% of lung cancer cases are diagnosed in patients over the age of 65 years, and about 30% are diagnosed in patients over the age of 70 years. Elderly patients do not tolerate chemotherapy as well as their younger counterparts, mainly because of the higher prevalence of comorbid conditions and organ failure in the elderly. Alternatives to conventional chemotherapy, such as new molecular targeted therapies, are of interest. This review summarizes current approaches and recent advances in the treatment of elderly patients with non-small cell lung cancer and gives a perspective on the future of molecular targeted therapies in this population. Epidermal growth factor receptor inhibitors and vascular endothelial growth factor inhibitors are discussed here, being, in our opinion, among the best candidates for clinical development in this setting. Their potential advantages in elderly patients include better tolerability than conventional chemotherapy.