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Acute myeloid leukemia (AML) is a disease characterized by hematopoietic and progenitor stem cells disorder, resulting in their proliferation and accumulation in bone marrow which leads to hematopoietic failure. It is an aggressive form of cancer that typically demands quick decision-making. In case of AML, the addition of drug efflux inhibitors to the chemotherapeutic regimen may improve outcomes in patients. With the advancement in treatment strategies, patients can now receive chemotherapy, radiation therapy or additional stem cell transplants. Specific genetic mutations in leukemic cells provide the direction for treatment and determine the overall survival rate of patients. Older patients have adverse treatment consequences as age is an important factor in AML prognosis. We critically reviewed multiple existing therapies for AML. Optimization of traditional therapies remain major concern of scientists. However, little bit advancement has been made in current years. There is immense need of novel and targeted therapies to treat AML and reduce its relapse chances.