Sphingosine-1-phosphate (S1P), a metabolite of cell membrane sphingolipids, exerts its physiological functions by binding to G protein-coupled sphingosine-1-phosphate receptors (S1PRs) in various tissues of the human body. The S1P-S1PR signaling pathway plays a crucial role in mediating inflammatory responses, cardiac development, angiogenesis, as well as the migration, proliferation, and differentiation of immune cells. S1PRs have emerged as promising therapeutic targets for a variety of diseases, including autoimmune diseases, inflammation, cardiovascular diseases, and even cancer. However, the lack of in-depth understanding of S1PRs has hindered the development of clinical drugs. Therefore, this article reviews the current research status of S1PRs, focusing on S1PR-associated physiological functions, disease progression, and the development of representative drugs, with the aim of providing new insights for the clinical treatment of associated diseases.