During the drilling process, cuttings settle under the action of gravity, which easily results in the formation of a cuttings bed, which then results in wellbore cleaning problems. The settling law of cuttings in drilling fluid is essentially a problem of solid–liquid two-phase settling. This study analyzes and summarizes the effects of the wall effect, the rheology of the fluid, particle shape irregularity, and particle concentration on the settling rate of particles and clarifies the problems faced by current research on the settling rate of particles and the development direction. Studies have shown that walls exert additional blocking effects on particles, thus reducing their settling velocity. The shear thinning effect of non-Newtonian fluids such as power-law fluids and Herschel–Bulkley fluids will reduce the viscosity of the liquid, thus increasing the settling velocity of the particles. Compared with spherical particles, irregular particles will obtain higher resistance in the fluid, leading to a decline in the particle settling velocity. The mutual interference between particles will result in an increase in the drag force on the particles and a decline in the settling velocity. However, when the particles are aggregated, the settling velocity will increase. This study can provide theoretical guidance for predicting the migration law of cuttings during the drilling of horizontal wells, and it has important significance for enriching the theory of solid–liquid two-phase flow.