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Despite advances in the management of chronic lymphocytic leukemia (CLL), the transformation of CLL to an aggressive lymphoma, known as Richter transformation (RT), remains associated with dismal outcomes. Recent scientific studies deepen our understanding of the genetics and biology underlying RT. In parallel, a new era of clinical investigation is focused on improving outcomes for patients with RT, leading to the exponential increase of RT-focused trials and integration of novel targeted and immunotherapy approaches. We provide an updated biologic and clinical understanding of diffuse large B-cell lymphoma-type RT and discuss promising new therapeutic avenues for improving clinical outcomes in RT.