Age-related macular degeneration (AMD) is difficult to treat and causes visual impairment worldwide, especially for dry AMD. The aging phenomenon can affect macular function, manifesting as blurred central vision. There are two types of AMD: dry and wet. By 2040, some variants of AMD are estimated to affect 288 million people globally. Although wet (exudative) AMD accounts for 10% of all AMD cases, it also contributes to 90% of the cases of patients with vision loss. Therapeutic options for wet age-related macular degeneration have expanded during the last few years. The therapeutic strategies mainly rely on anti-vascular endothelial growth factor (anti-VEGF) drugs and photodynamic therapy (PDT), though the treatment approaches for dry AMD are limited to dietary supplementation to delay progression. Moreover, clinical trials with potential candidate molecules for wet AMD exceed those for dry AMD. Although the disease is not rare, there are few therapeutic targets in the pipeline for dry AMD, and these targets may serve as promising pharmacotherapeutic options in the future. The current review sheds light on successes and failures of the existing novel drug molecules and potential targets for treating dry AMD in clinical trials registered at the Clinical Trials.gov registry run by the United States Food and Drug Administration (U.S. FDA) and published in relevant journals.