Idiopathic pulmonary fibrosis (IPF) is a debilitating progressive respiratory disease with poor prognosis. The clinical management of IPF is difficult and no efficacious therapies are available. Advances in radiographic technique have made HRCT to a reliable, highly specific clinical tool that allows establishing the diagnosis in a majority of cases without the need for surgical biopsy. Recent research has shown that IPF, initially thought to be a chronic inflammatory disorder, is likely the result of aberrant wound healing. Many new treatment targets have been identified and novel compounds hold future promise for patients with the disease. This review summarizes the key features of IPF, both well known characteristics and recent advances in research, which will help in the management of patients in daily practice.