Lateral epicondylitis (LE) is a common condition characterized by pain in the lateral side of the elbow with tenderness on lateral epicondyle, caused by repetetive overuse of extensor muscles of the wrist. Extracorporeal shockwave therapy (ESWT) is used in musculoskeletal problems with the possible mechanism of action including hyperstimulation analgesia, neovascularization and induction of healing process. LE generally responds well to conservative treatment. One of the widely used and accepted terms of treatment for LE is physical therapy (PT). In this study, we aimed to compare the efficacy of ESWT for LE treatment with conventional therapy modalities. This is a prospective randomized study with 73 patients with elbow pain and otherwise healthy, diagnosed as LE. Patients were randomized to two groups to receive either ESWT weekly for 3 weeks or PT for 10 days. Our analysis revealed similar treatment success rates for both groups in many of the evaluation parameters. As a result of our study we were unable to display a major difference between the short-term outcome for two options. However, ESWT still has the advantage of being less time consuming for both the patient and the doctor, an important parameter we believe.