Multiple myeloma (MM) is a plasma cell malignancy that causes the overabundance of monoclonal paraprotein (M protein) and organ damages. In our study, we aim to identify biological markers and processes of MM using a bioinformatics method to elucidate their potential pathogenesis. The gene expression profiles of the GSE153626 datasets were originally produced by using the high-throughput Illumina HiSeq 4000 (Mus musculus). The functional categories and biochemical pathways were identified and analyzed by the Kyoto Encyclopedia of Genes and Genomes pathway (KEGG), Gene Ontology (GO), and Reactom enrichment. KEGG and GO results showed the biological pathways related to immune dysfunction and signal transduction are mostly affected in the development of MM. Moreover, we identified several genes including Gngt2, Foxp3, and Cd3g were involved in the regulation of immune cells. We further predicted new inhibitors that have the ability to block the progression of MM based on the L1000fwd analysis. Therefore, this study provides further insights into the underlying pathogenesis of MM.