Cilostazol is a unique antiplatelet agent that has been clinically available for over two decades. As a phosphodiesterase III inhibitor, it reversibly inhibits platelet aggregation yet also possesses vasodilatory and antiproliferative properties. It has been widely applied to avariety of disease states, including peripheral arterial disease, cerebrovascular disease, and coronary artery disease with percutaneous coronary intervention. In this paper we review recent development of cilostazol regarding its pharmacological action and clinical application.