The landscape of antibody-based drug development in oncology is undergoing rapid and transformative iteration, driven by unmet clinical needs, advancements in fundamental science, and sophisticated bioengineering. This evolution has given rise to a new generation of antibody therapeutics, exemplified by bispecific/trispecific antibody (BsAb/TsAb) and antibody-drug conjugate (ADC), which are characterized by novel mechanisms of action and integrated functionalities. These innovations mark a pivotal shift from single-target engagement to multifunctional targeting, and from moderate immunomodulation to potent cytotoxic killing. In 2025, significant progress has been achieved with BsAb/TsAb and ADC in tumor therapy. BsAb/TsAb enhance anti-tumor activity through synergistic multi-target engagement, while ADC continuously expand their therapeutic boundaries via precise payload delivery and potent cytotoxicity. The development pipelines for both modalities are robust, fueled by the optimization of new-generation technology platforms, including bispecific T-cell engagers (BiTE), novel linker designs, and next-generation cytotoxic payloads. Concurrently, investigational targets are becoming increasingly differentiated, with clinical indications expanding from hematological malignancies to solid tumors, advancing from later-line to first-line therapy, and evolving from monotherapy to combination regimens. While global R&D pipelines continue to grow, with the U.S. and China emerging as primary innovation hubs, core challenges such as drug efficacy, drug resistance, and toxicity management persist. This review systematically summarizes the key advancements in 2025 concerning target combinations, technology platforms, clinical breakthroughs, market dynamics, and the industrial ecosystem of BsAb/TsAb and ADC, aiming to provide a reference for future research directions.
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