Thyroid eye disease (TED) is the most common extrathyroidal manifestation of Graves' disease. There has been no effective medication to prevent proptosis in thyroid eye disease until 2020 when the anti-IGF-1R receptor antibody, Teprotumumab, was approved by the US Food and Drug Administration (FDA), sparking increased interest in immune-based drug development. This study aims to review the newly developed drug therapy as well as conventional treatment for TED. Treatment of TED has traditionally been high-dose steroids and orbital radiotherapy, but recently there has been a paradigm shift in the treatment of TED in the US with the introduction of the therapeutic agent teprotumumab, which dramatically reduces proptosis. However, concerns remain about the development of hearing impairment as a potentially fatal complication and long-term safety. Recently, several clinical trials are underway to assess the efficacy and safety of novel drugs targeting mTORC1, IL-6, FcRN, and IGF-1R in treating TED. With the explosive increase in interest from academia and pharmaceutical companies in TED, there is anticipation for the development of drugs that are equivalent or superior to teprotumumab while being safer.