The traditional drug discovery and development process encompasses multiple stages to discover new drugs and obtain marketing approval. It is crucial to explore innovative approaches that can reduce the time required for drug discovery. Drug repurposing involves investigating alternative medical uses for existing drugs, including those that have already been approved, discontinued, shelved, or are still under investigation. This strategy is increasingly being employed to discover novel medications, leveraging previous investments while minimizing risks associated with clinical activities. Repurposing can occur serendipitously, through unintentional fortunate observations or systematic approaches. This article explores numerous strategies for discovering new indications for FDA-approved drugs. The appeal of this approach lies in addressing significant gaps in the drug-target interaction matrix and leveraging safety and efficacy data accumulated during clinical studies. The development of experimental drugs is a time-consuming and expensive process that is limited to a relatively small number of targets. In contrast, drug repurposing takes advantage of existing safety, pharmacokinetic, and manufacturing data, enabling the expedited development of innovative medications. This approach has gained particular interest in the fields of rare and neglected conditions. Recent advancements in drug repurposing have led to the emergence of novel treatments, and this overview highlights these developments. The review examines recent efforts to identify new medical uses for existing drugs and delves into the challenges, opportunities, and success stories associated with drug repurposing. Furthermore, it provides insights into recent applications and regulatory approaches in this field.