During the last 2 years, two new oral anticoagulants, dabigatran and rivaroxaban, have been approved in the United States. Phase II and Phase III clinical trials of dabigatran, rivaroxaban, and apixaban are summarized. Approach to perioperative management depends on the half-life of the medication, risk of surgical bleeding, and the patient's renal function. No reversal agent is available for any of the new oral anticoagulants. Management of bleeding patients is based on local measures and consideration of antifibrinolytic therapy and activated factor VII or prothrombin complex concentrate infusion based on healthy volunteer and animal studies. The new oral anticoagulants provide additional options to prevent venous thromboembolism in patients after orthopedic surgery or stroke in patients with atrial fibrillation but present unique challenges compared to warfarin.