Coronavirus disease 2019 (COVID‐19) the most contagious infection caused by the unique type of coronavirus known as severe acute respiratory syndrome coronavirus 2 (SARS‐CoV‐2), produced a global pandemic that wreaked havoc on the health‐care system, resulting in high morbidity and mortality. Several methods were implemented to tackle the virus, including the repurposing of existing medications and the development of vaccinations. The purpose of this article is to provide a complete summary of the current state and future possibilities for COVID‐19 therapies. We describe the many treatment classes, such as antivirals, immunomodulators, and monoclonal antibodies, that have been repurposed or developed to treat COVID‐19. We also looked at the clinical evidence for these treatments, including findings from observational studies and randomized‐controlled clinical trials, and highlighted the problems and limitations of the available evidence. Furthermore, we reviewed existing clinical trials and prospective COVID‐19 therapeutic options, such as novel medication candidates and combination therapies. Finally, we discussed the long‐term consequences of COVID‐19 and the importance of ongoing research into the development of viable treatments. This review will help physicians, researchers, and policymakers to understand the prevention and mitigation of COVID‐19.