Small cell lung cancer is a highly aggressive disease and represents approximately 13% of all diagnosed lung cancers. Platinum-based chemotherapy has been the mainstream treatment for almost 3 decades, while radiation therapy is only applicable for patients with limited-stage disease. Treatment of small cell lung cancer remains challenging because of its rapid growth, early dissemination, and development of drug resistance during the course of the disease. Currently, new targeted drugs have offered several prospects in clinical studies. The most significant advance in the treatment of this challenging disease may be the introduction of molecularly targeted therapies. This study reviews the findings of latest clinical trials on the application of targeted agents in treating small cell lung cancer.