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Heart failure with preserved ejection fraction (HFpEF) accounts for approximately half of patients with chronic heart failure and is associated with significant morbidity and mortality. To date, there are no approved therapies available for reducing mortality or hospitalizations for these patients. The failure to develop successful therapies for the management of HFpEF may be because of the poor understanding of the pathophysiology of HFpEF, inadequate standardization of the HFpEF diagnosis, the lack of strict definition and inadequate differentiation of disease subtypes. Several newer approaches, including Neprilysin inhibition therapy, offer promise for a new era of HFpEF treatment. This review article comprehensively summarizes the current state of evidence for the development of the therapies for HFpEF and the future/ongoing studies.