Multiple myeloma (MM) represents a malignant proliferation of plasma cells originating from a single clone. The tumour causes bone pain, fracture, anaemia, and other infections. Patients present with MM are symptomatic and need cytotoxic chemotherapy. Previously, melphalan and glucocorticoid were accepted as first-line treatments. Recently, immunomodulatory drugs and proteasome inhibitors have become the treatment of choice. There are several new drugs approved for multiple myeloma: monoclonal antibodies, nuclear export inhibitors, B-cell maturation antigen (BCMA)-directed antibody, CAR T-cell therapy, histone-deacetylase inhibitor, and stem cell mobilizer. Drugs like cobemetinib are being evaluated for potential role in the treatment of MM. Pharmacogenomics and precision medicine also play a crucial role in the treatment of multiple myeloma.