Due to the complexity of the pathogenesis of systemic lupus erythematosus (SLE), the research and development of drugs targeting different pathogenesis or targets of SLE and their application in clinical treatment will be a major topic at present and in the future. According to the existing viewpoints and the latest research results from basic to clinical, new breakthroughs may occur in the research, development, and application of drugs, including drugs targeting B cells, T cells, long-lived plasma cells (LLPCs), neutrophils, type I interferons (IFN-I) and its signal system, plasmacytoid dendritic cell-specific receptor (PDCSR), interleukin (IL)-12 and IL-23. There are also immune complex blockers and small molecular compounds. The new developed cereblon modulator iberdomide which targets transcription factor Ikaros and Aiolos is also included. Based on these backgrounds, this review not only expounds the research and development of various new biological agents and small molecular compounds, but also prospects their developmental and therapeutic direction, in order to provide a valuable reference for the new progress or breakthrough in the treatment of SLE.