Deep learning has disrupted nearly every field of research, including those of direct importance to drug discovery, such as medicinal chemistry and pharmacology. This revolution has largely been attributed to the unprecedented advances in highly parallelizable graphics processing units (GPUs) and the development of GPU-enabled algorithms. In this Review, we present a comprehensive overview of historical trends and recent advances in GPU algorithms and discuss their immediate impact on the discovery of new drugs and drug targets. We also cover the state-of-the-art of deep learning architectures that have found practical applications in both early drug discovery and consequent hit-to-lead optimization stages, including the acceleration of molecular docking, the evaluation of off-target effects and the prediction of pharmacological properties. We conclude by discussing the impacts of GPU acceleration and deep learning models on the global democratization of the field of drug discovery that may lead to efficient exploration of the ever-expanding chemical universe to accelerate the discovery of novel medicines.GPUs, which are highly parallel computer processing units, were originally designed for graphics applications, but they have played an important role in accelerating the development of deep learning methods. In this Review, Pandey and colleagues summarize how GPUs have advanced machine learning in the field of drug discovery.