Proteolysis targeting chimeras (PROTACs) technology is a novel drug development strategy that can treat diseases by selectively degrading targeted proteins. PROTACs consist of two molecules, one of which binds to the target protein while the other binds to the protein degradation enzyme, thus promoting the degradation of the target protein. Compared to the mechanism of action of traditional drugs, PROTAC technology has many advantages, such as high selectivity, reversibility, and low dosage effects. PROTAC technology has been widely applied in multiple fields, especially in cancer research. PROTACs can target cancer-related proteins for degradation, thereby inhibiting tumor growth and metastasis. For instance, PROTACs targeting proteins such as BCL-2 and BRD4 have been extensively researched and applied in cancer treatment. In addition, PROTAC technology can also be applied to multiple fields such as neurodegenerative diseases, immunotherapy, metabolic diseases, and infectious diseases. Although PROTAC technology has broad application prospects, there are still some challenges, such as how to improve the stability and pharmacokinetics of PROTACs, and how to prepare large-scale PROTACs. Therefore, further research and optimization are still needed to further improve PROTAC technology and promote its application in clinical treatment.