Changes in educational thinking and in medical program accreditation provide an opportunity to reconsider approaches to undergraduate medical education. Current developments in competency-based medical education (CBME), in particular, present both possibilities and challenges for undergraduate programs. CBME does not specify particular learning strategies or formats, but rather provides a clear description of intended outcomes. This approach has the potential to yield authentic curricula for medical practice and to provide a seamless linkage between all stages of lifelong learning. At the same time, the implementation of CBME in undergraduate education poses challenges for curriculum design, student assessment practices, teacher preparation, and systemic institutional change, all of which have implications for student learning. Some of the challenges of CBME are similar to those that can arise in the implementation of any integrated program, while others are specific to the adoption of outcome frameworks as an organizing principle for curriculum design. This article reviews a number of issues raised by CBME in the context of undergraduate programs and provides examples of best practices that might help to address these issues.