In spite of an experience of almost 50 years of use of antithyroid drugs and radioiodine for the treatment of Graves' disease, the rationale for choice is often obscure. Early reports of high remission rates during thiourea therapy were followed by less optimistic ones, which along with other factors may have fueled the current major shift toward use of radioiodine. This review examines whether or not the use of antithyroid drugs indeed may have become obsolete. The intrathyroidal and extrathyroidal mechanisms of action of the drugs are reviewed with emphasis on their potential immunosuppressive effects. The latter may involve a direct effect on thyroid follicular cells, a direct suppression of TSH receptor antibody formation, or indirect effects mediated via heat shock proteins, oxygen free radicals, and the immune system. Potential factors associated with success or failure with antithyroid drug therapy are discussed, such as the effects of dose and duration of treatment, iodine milieu, and concomitant L-thyroxine therapy. The risks inherent to radioiodine therapy are only briefly described with emphasis on the possible aggravation by radioiodine of preexistent ophthalmopathy. The reader must decide whether the evidence marshalled convincingly indicates that the use of the thiourea compounds should be abandoned. The author thinks not, and is optimistic that imminent discovery of the yet elusive and enigmatic pathogenesis of Graves' disease will permit new and innovative treatment or more effective use of currently available therapies.