We aim to provide a focused update on the pathogenesis, various diagnostic triaging processes, and the comprehensive treatment modalities of differentiated thyroid carcinoma. PubMed and Google Scholar databases/search engines were utilized using pertinent keywords. We prioritized recent articles from the American Thyroid Association. The diagnostic modalities span imaging features, pre-operative fine-needle aspiration, molecular and genetic analyses on these aspirates and the histopathological evaluation of resected thyroid tissue. The management protocols are variable, including surgery, radioactive iodine therapy and medical management as adjuvant treatment options. The sequence and intensity of these treatments vary and are currently dynamic. The triaging approach differs and depends on assessment of multiple risk factors of these carcinomas. This review presents recent advances in diagnostic modalities, including molecular and genetic alterations, followed by surgical, radioiodine, and targeted medical therapies. It also addresses the current standard of care and discusses the “dynamic” decision-making process. In conclusion, DTC diagnosis and management exhibited significant changes in the last two decades. Preoperative assessment by aspiration cytology is well recognized and has become standardized with evidence-based risk of malignancy assessment, and consequently triage recommendations accordingly. The spectrum of molecular and genetic signature changes of DTC is expanding and becoming available to evaluate in the preoperative evaluation phase. We review and summarize the recent consensus guidelines for surgical, radioactive iodine and medical management of DTC. We offer a discussion on the recent “dynamic risk assessment” concept as well as its relationship with the aforementioned treatment modalities.