Specific phobias are among the most common disorders in childhood and adolescence. In the last decades there have been many studies that show the usefulness of psychological therapy to reduce phobic behavior. Reviews about the efficacy of single case and group treatments have been done, revealing the active principle of effective interventions. The goal of this article is to present the current status of treatments for specific phobias in children and adolescents. We examine both interventions carried out traditionally and innovative therapies that are being developed at present. We also emphasize the importance of further studies to fill the gaps in certain areas of intervention.