Nearly three quarters of a million American men who have been treated with prostatectomy and/or radiation therapy are experiencing an increasing prostate-specific antigen (PSA) level, a condition known as biochemical recurrence (BCR). Post localized therapy, some of these men will develop distant metastases with time, but many years may pass before signs of clinical progression appear. While androgen deprivation therapy remains a reasonable option for some men with BCR, deferring androgen ablation or offering non-hormonal therapies may be appropriate in patients where the risk of clinical/metastatic progression and prostate cancer specific death is low. Drug development in this space is a challenge because of the heterogeneous and prolonged natural history of biochemically recurrent prostate cancer, as well as the lack of short-term, validated surrogate endpoints for overall survival. In this setting, where randomized clinical trials have not provided definitive evidence of improvements in overall survival, a risk-stratified approach, informed by the patient’s PSA kinetics, comorbidities and personal preferences, is recommended to determine the best management approach.