Comprehensive geriatric assessment (CGA) provides guidance in planning care for elderly patients. The goals of CGA include reduction of health care cost, early recognition and treatment of geriatric syndromes and improved survival and quality of life for patients. Evidence from randomized controlled studies has identified the value of CGA and some of its limitations. Studies of CGA in institutional settings and in home care provide the basis for specific interventions to targeted groups of high-risk patients. Strategies for fall prevention, appropriate use of pharmacotherapy, and prevention of in-hospital delirium have grown out of the application of this multidisciplinary tool. Future research focused on a more precise definition of the potential financial benefits of CGA may facilitate the task of communicating its value to decision makers.