Multiple myeloma (MM) is a malignant hematologic disease characterized by the neoplastic proliferation of plasma cells in the bone marrow. It exhibits high heterogeneity, a tendency for relapse, and resistance to treatment. The primary goal of first-line therapy is to achieve deep remission and durable disease control. Current conventional treatment approaches can improve patient prognosis but have significant limitations. The emergence of novel therapies, including proteasome inhibitors, immunomodulatory agents, monoclonal antibodies, chimeric antigen receptor T-cell therapy, and immune checkpoint inhibitors, marks a new era in MM treatment. However, due to the relapsed and refractory nature of MM, future applications should consider various factors and tailor treatment strategies to individual circumstances to optimize therapeutic efficacy.