Virtual reality (VR) has garnered the interest of many scientific communities over the last decade. One promising track of research lies in VR exposure therapy (VRET), where gradual exposure to a negative stimulus is used to reduce anxiety. Virtual exposure is desirable in many situations, as it can be less intimidating and less expensive than traditional in vivo treatment with much the same success. Examining the benefits and drawbacks of VRET is an important first step toward an accurate assessment of its viability as a treatment alternative. This paper will review current literature on the topic of VRET and answer several questions regarding the viability of the treatment. It will also provide some additional research direction for improving the case for mainstreaming VRET.