Age-related macular degeneration (AMD) is a common, degenerative disease of the central retina affecting millions of elderly in the USA alone and many more worldwide. A better understanding of the pathophysiology of AMD will be essential for developing new treatments. In this review, we discuss the potential impact of complement complex deposition at the choriocapillaris of aging eyes and the relationship between choriocapillaris loss and drusen formation. We further propose a model that integrates genetic and anatomical findings in AMD and suggest the implications of these findings for future therapies.