Chronic hepatitis B virus (HBV) infection affects 3.5% of the global population and causes nearly one million deaths every year. Currently available antiviral therapy suppresses viral replication and reduces the risk of progression to liver cirrhosis and hepatocellular carcinoma. However, treatment rarely leads to the loss of the HBV surface antigen (or “functional cure”), a condition associated with improved clinical outcomes and the potential for finite treatment duration. Recent improvements in the understanding of HBV biology have allowed for the development of a number of novel treatment candidates with a high potential for functional cure. These promising developments may constitute an important step towards the elimination of viral hepatitis as a global health problem.