Twenty five years ago, monoclonal antibodies were envisioned as magic bullets capable of targeting radioisotopes, toxins or cytotoxic drugs to the tumor site. It was soon realized that the potential of therapeutic antibodies far exceeded their use as carrier molecules and that native antibodies could also act as effector molecules capable of triggering a wide variety of antitumor responses. Today, we recognize that the utility and versatility of antibody-based products are unlimited; at the same time we have also learned that many obstacles need to be addressed to make antibody therapy an effective treatment modality. Past experiences from clinical trials and new developments in the field of antibody technology have paved the way towards the creation of new strategies capable of circumventing or minimizing these difficulties. Antibody therapy is currently being tested in multiple trials for a variety of cancers, including prostate cancer. This review discusses the different antibody-based strategies currently under investigation for prostate cancer.