Heat shock protein 90 (HSP90) is an ATP-dependent chaperone essential for the proper folding, stabilization, and activation of numerous client proteins, many of which are implicated in oncogenic signaling pathways. Overexpressed in various cancers, HSP90 facilitates tumor growth, metastasis, and therapy resistance by stabilizing key oncoproteins such as HER2, AKT, RAF, and mutant p53, making it a compelling target for cancer therapeutics. Despite extensive research, pimitespib remains the only approved HSP90 inhibitor, while others like ganetespib (STA-9090) and onalespib (AT13387) are undergoing clinical trials with variable outcomes (varying efficacy and tolerability profiles). Over the past five years, significant progress has been made in the medicinal chemistry and chemical biology of HSP90 inhibitors. This review comprehensively summarizes advancements from 2020 to 2024 in the discovery and development of HSP90 inhibitors, spanning natural products and synthetic small molecules, with detailed discussions on their preclinical and clinical development, alongside the challenges faced in translating these inhibitors into effective anticancer agents.