New biological tools provide new techniques to probe fundamental biological processes. Here we describe the burgeoning field of Proteolysis Targeting Chimera (PROTACs) which are capable of modulating protein concentrations at a post-translational level by co-opting the Ubiquitin-Proteasome System. We describe the PROTAC technology, its application to drug discovery and provide examples where PROTACs have enabled novel biological insights. Furthermore, we provide a workflow for PROTAC development and use as well as a discussion of the benefits and issues associated with PROTACs. Finally, we compare PROTAC mediated protein level modulation with other technologies such as RNA interference and genome editing.