The prospect of being able to take safe and effective drugs to improve mental functioning is becoming a reality. With the potential for widespread use of cognitive enhancers by large sectors of the population, this article discusses the rationale behind the development of these drugs and how society might benefit from them. Important ethical questions and scenarios are also raised. Scientists are urged to explore the implications of their work and engage in active debate with a wide range of interested stakeholders about the ethical and moral consequences of these new technologies to ensure maximal benefit with minimal harm.