Refractive lens exchange with a multifocal intraocular lens is becoming a more popular method of refractive surgery in the presbyopic patient. The limitations of keratorefractive surgery have led to a resurgence of lens exchange surgery for patients with prescriptions outside the limits of corneal refractive procedures, in addition to patients with routine refractive errors requesting a surgical procedure to achieve emmetropia and also address presbyopia. Side effects of multifocal technology including unwanted photic phenomena and deterioration in contrast sensitivity are being further defined and evaluated to better assess the effects of these intraocular lenses on functional vision and patient satisfaction. Attention to detail in regards to proper patient selection, preoperative measurements, intraoperative technique, and postoperative management will ultimately result in excellent outcomes and improved patient acceptance of this effective technique.