In recent years it became evident that epigenetic control of gene expression plays important role in the development of cancer. Epigenetic alterations occur throughout all stages of carcinogenesis, what makes them excellent targets for both chemoprevention and, at later stages, chemotherapy. Two changes integral to epigenetic transcriptional control are DNA methylation and covalent modifications of histone proteins. In cancer cells, genome-wide hypomethylation is accompanied by local DNA hypermethylation with unique patterns exhibited by each tumor type. Hypermethylation of promoter regions of classic tumor suppressor genes in human cancers is at least as common as mutation as a mechanism for their inactivation. The second major layer of epigenetic transcriptional control is modification of histone proteins, particularly their acetylation. These two ways of epigenetic control are integrally linked. In this review we summarize the current knowledge about epigenetic events related to cancer and discuss the possibility of using them as chemotherapy or chemoprevention targets.