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The global COVID-19 pandemic is having devastating impacts on human health and economic development. To date, theWorld Health Organization (WHO) has received reports of more than 412 million confirmed cases of COVID-19, with over 5 million deaths. Despite the progress in the management of COVID-19, effective oral antiviral agents are still lacking. In the present review, the potential beneficial effects of molnupiravir in the management of COVID-19 are discussed. Most of the preclinical studies and available clinical trials showed a favorable short-term safety profile of molnupiravir; however, given its possible genotoxic effects, further trials are required to confirm the long-term efficacy and safety of molnupiravir in patients with COVID-19.