Throughout history, distillation has been the most widespread separation method. However, despite its simplicity and flexibility, distillation still remains very energy inefficient. Novel distillation concepts based on process intensification, can deliver major benefits, not just in terms of significantly lower energy use, but also in reducing capital investment and improving eco‐efficiency. While very likely to remain the separation technology of choice for the next decades, there is no doubt that distillation technology needs to make radical changes in order to meet the demands of the energy‐conscious modern society. This article aims to show that in spite of its long age, distillation technology is still young and full of breakthrough opportunities. Moreover, it provides a broad overview of the recent developments in distillation based on process intensification principles, for example heat pump assisted distillation (e.g. vapor compression or compression–resorption), heat‐integrated distillation column, membrane distillation, HiGee distillation, cyclic distillation, thermally coupled distillation systems (Petlyuk), dividing‐wall column, and reactive distillation. These developments as well as the future perspectives of distillation are discussed in the context of changes towards a more energy efficient and sustainable chemical process industry. Several key examples are also included to illustrate the astonishing potential of these new distillation concepts to significantly reduce the capital and operating cost at industrial scale. © 2013 Society of Chemical Industry