Most atypical antipsychotic drugs (including clozapine, olanzapine, quetiapine, risperidone, and ziprasidone) share in common more potent serotonin (5‐HT)2A than dopamine (DA) D2 receptor, antagonism/inverse agonism. They are also direct‐ or indirect‐acting 5‐HT1A receptor partial agonists. These features contribute to their low extrapyramidal adverse effects as well as their ability to improve cognition (perhaps via enhanced cortical and hippocampal DA release). Aripiprazole and bifeprunox are D2 partial agonists rather than D2 receptor antagonists. Some of these agents also act on multiple other receptors which may relate to efficacy (e.g., 5‐HT2C receptor inverse agonists, M1 muscarinic agonists, alpha2 adrenoceptor antagonists) or side effects (e.g., H1 receptor antagonism), or both. Thus, D2 receptor blockade is no longer the exclusive means to treat psychosis.