Ivonescimab is a humanized bispecific antibody targeting human vascular endothelial growth factor-A (VEGF-A) and programmed death protein-1 (PD-1). It was approved by National Medical Products Administration on May 24th, 2024, and can be used in combination with pemetrexed and carboplatin for locally advanced or positive EGFR gene mutation after treatment with epidermal growth factor receptor (EGFR) tyrosine kinase inhibitor. This paper mainly introduces the research progress of the world's first PD-1/VEGF bispecific antibody ivonescimab, and summarizes the mechanism of action, pharmacokinetics, phase I-III clinical trials and drug safety.