Cell-based therapies have let to breakthroughs in the treatment of hematologic malignancies. To a large extent the success is owed to the use of autologous T cells that have been engineered to express chimeric antigen receptors (CARs). Following unprecedented response rates in clinical trials, CAR-Ts have received approvals for the treatment of leukemias, lymphomas, and multiple myeloma. Critical obstacles, however, for the wider use has turned out to be their autologous nature which makes these cell products patient-specific, expensive, and complex to manufacture. In contrast, allogeneic products can be pre-fabricated from healthy donors, logistically their production is far less challenging, and they can be readily delivered upon demand. Disadvantages of allogeneic cell products such as graft-versus-host disease, allo-rejection, and limited in vivo persistence are increasingly addressed by novel technologies and thoughtful integration into existing therapy concepts. Here, recent advances in the development of cell-engineered allogeneic therapies and their potential to overcome the limitations of current autologous approaches are discussed.