It is a time of great innovation in peer review. Traditional models are being adapted and completely new ones introduced. Independent peer-review services are also starting to be offered by organizations outside the traditional journal ecosphere. In both new and established systems, the importance of increasing openness, transparency, and interaction between peer-review participants is being recognized, and these are being introduced to varying degrees. Concern with the ‘wastage’ of review effort in traditional peer review, where manuscripts often go from journal to journal, being reviewed afresh at each, before being accepted for publication, is also being addressed. Reviews are being transferred (‘cascaded’) and shared between some journals. The separation of the two basic functions of peer review—critical review and selection—as originally introduced by the journal PLOS ONE has been a major innovation, leading to the publication of sound work irrespective of its perceived novelty, interest, or importance. Post-publication review is also becoming more important and is another growth area. The concept of ‘portable’ reviews has been introduced, where authors can take reviews with them—either after they have obtained them from a peer-review provider in return for a fee or had their manuscript reviewed and declined at some journals—and include them with submissions to journals. The dynamics of publication are changing alongside, with journals able to ‘bid’ for papers that have been reviewed by independent organizations and make publishing offers to the authors. A number of innovations and ‘alternative’ peer-review models are described. They all, however, face many of the same issues as traditional peer review, and the same basic principles of good and ethical practice apply.