Hydraulic fracturing technology is a crucial method for enhancing the production and recovery rates of unconventional oil and gas wells. In this process, proppants, as key materials, directly influence the effectiveness of the fracturing operation, thus attracting widespread attention. With the continuous development of hydraulic fracturing technology, researchers have designed and prepared a series of multifunctional proppants, such as surfacemodified proppants, self-suspending proppants, and slow-release proppants, to effectively address issues like water production, sand production, and scaling in reservoirs. This paper aims to systematically review the research progress on multifunctional proppants, analyze their application potential in fracturing operations, and forecast the development direction of proppants. It is hoped that this review will provide valuable references for researchers and promote the further development of proppant-related technologies in hydraulic fracturing.