Thiol-dependent peroxidase systems are reviewed with special emphasis on their potential use as drug targets. The basic catalytic mechanism of the two major thiol-peroxidase families, the glutathione peroxidases and the peroxiredoxins, are reasonably well understood. Sequence-based predictions of substrate specificities are still unsatisfactory. GPx-type enzymes are not generally specific for GSH but may specifically react with CXXC motifs as present in thioredoxins or tryparedoxins. Inversely, the peroxiredoxin family that was believed to be specific for CXXC-type proteins, also comprises glutathione peroxidases. Since structure-based predictions of function are also limited by small data bases, the increasing number of sequences emerging from genome projects require enzymatic characterization and genetic proof of relevance before they can be classified as drug targets.