There are many treatments that are effective for tinnitus resulting from a particular cause, but none are effective in every case. Conversely, tinnitus may resolve without any treatment. Effective treatments include:

Objective tinnitus:
Gamma knife radiosurgery (glomus jugulare)
Shielding of cochlea by teflon implant
Botulinum toxin (palatal tremor)
Propranolol and clonazepam (arterial anatomic variation)
Subjective tinnitus:
Drugs and nutrients
Lidocaine, injection into the inner ear found to surpress the tinnitus for 20 minutes, according to a Swedish study.
Benzodiazepines (xanax, ativan, klonopin)
Avoidance of caffeine, nicotine, salt
Avoidance of or consumption of alcohol
Zinc supplementation (where serum zinc deficiency is present)
Acamprosate
Etidronate or sodium fluoride (otosclerosis)
Lignocaine or anticonvulsants (usually in patients responsive to white noise masking)
Carbemazepine
Melatonin (especially for those with sleep disturbance)
Sertraline
Vitamin combinations (lipo-flavonoid)
Electrical stimulation
Transcranial magnetic stimulation or transcranial direct current stimulation
Transcutaneous electrical nerve stimulation
Direct stimulation of auditory cortex by implanted electrodes
Surgery
Repair of perilymph fistula
External sound
Low-pitched sound treatment has shown some positive, encouraging results.(UC, Irvine press release)
Tinnitus masking (white noise)
Tinnitus retraining therapy
Auditive stimulation therapy (music therapy)
Compensation for lost frequencies by use of a hearing aid.
Ultrasonic bone-conduction external acoustic stimulation
Avoidance of outside noise (exogenous tinnitus)
Psychological
Cognitive behavior therapy

Although there are no specific cures for tinnitus, anything that brings the person out of the "fight or flight" stress response helps symptoms recede over a period of time. Calming body-based therapies, counseling and psychotherapy help restore well-being, which in turn allows tinnitus to settle. Chronic tinnitus can be quite stressful psychologically, as it distracts the affected individual from mental tasks and interferes with sleep, particularly when there is no external sound. Additional steps in reducing the impact of tinnitus on adverse health consequences include: a review of medications that may have tinnitus as a side effect; a physical exam to reveal possible underlying health conditions that may aggravate tinnitus; receiving adequate rest each day; and seeking a physician's advice concerning a sleep aid to allow for a better sleep pattern.