The current global pandemic COVID-19 caused by the SARS-CoV-2 virus has already inflicted insurmountabledamage both to the human lives and global economy. There is an immediate need for identificationof effective drugs to contain the disastrous virus outbreak. Global efforts are already underway at a war footingto identify the best drug combination to address the disease. In this review, an attempt has been made tounderstand the SARS-CoV-2 life cycle, and based on this information potential druggable targets againstSARS-CoV-2 are summarized. Also, the strategies for ongoing and future drug discovery against the SARSCoV-2 virus are outlined. Given the urgency to find a definitive cure, ongoing drug repurposing efforts beingcarried out by various organizations are also described. The unprecedented crisis requires extraordinary effortsfrom the scientific community to effectively address the issue and prevent further loss of human lives andhealth.