The current pandemic of COVID-19 is considered a worldwide threat to public health causedby a novel type of coronaviridae family called SARS-CoV-2. Owing to the urge of finding atreatment for this virulent virus, many aspects of drug development are swept aside. Thisreview aimed to clarify the double-edged sword of drug repurposing in COVID-19 viasummarizing the available treatment options and promising candidates for COVID-19 basedon drug repurposing preclinical studies and in-silico approach. Different drugs target SARSCoV-2 main structures under clinical investigation; some showed limited efficacy and severeside effects, while others can be promising solutions. Some drugs suppress the cytokine stormand modulate immune response during viral infection, including anti-interleukin andglucocorticoids. Antiparasitic agents are repurposed for SARS-CoV-2 infection management.Various vaccines and monoclonal antibodies are designed against SARS-CoV-2 and are beingevaluated in different preclinical and clinical stages. However, none of them is approved yet.Convalescent Plasma Transfusion is a promising strategy against SARS-CoV-2 infection,where impressive results are reported in clinical trials, requiring more validation. Furthermore,anticoagulant therapy exhibited better disease outcomes in patients admitted to the ICU.Finally, in-silico studies suggested several potential compounds or FDA-approved drugstargeting various viral structure subunits. In conclusion, although many clinical trials werelaunched to examine potential therapies based on drug repurposing for COVID-19, there is nodefinitive treatment till now. Moreover, computational approaches identified severalcompounds and FDA-approved drugs with potential inhibitory effects.