The current standard method for type 1 diabetes (T1D) management majorly focuses on controlling blood glucose levels with exogeneous insulin administration. Recent developments have focused on finding ways to predict and prevent the development of T1D, as well as finding a curative therapy for T1D. Such developments include β-cell replacement therapy by islet transplantation, non-insulin adjunct therapy, gene and stem cell-based therapies, immunotherapy, and automated treatment with an artificial pancreas. In recent years, non-traditional alternative therapy has also become a popular treatment option for T1D. This review discusses the various therapeutic options for T1D currently under various stages of development, the challenges associated with the present strategies, and their potential to eventually change the way T1D is treated.