Multiple myeloma (MM) is a malignant hematological tumor characterized by abnormal plasma cell cloning. Although clinical new drugs and hematopoietic stem cell transplantation (HSCT) significantly improve disease free survival (DFS) time of patients with MM, it is still an incurable disease. Immunomodulators which are represented by thalidomide analogs have been used in the treatment of MM, and have achieved remarkable therapeutic effects. Immunomodulators active immune cells to against MM, and have been paid attention gradually. Function of natural killer (NK) cells is limited in patients with MM. Improving function of NK cells prolongs the survival time and reduces the relapse of MM patients. In this paper, research progress of immunomodulators in the treatment of MM is reviewed, including the regulation of NK cell receptors, the promotion of cytokine secretion, the improvement the microenvironment of MM, and the synergistic with immune checkpoint inhibitors and so on, to provide theoretical guidance for clinical use of immunomodulators.