Abstract: Nobel Prize in Physiology or Medicine 2019 has been awarded for the elucidation of oxygen sensing systems and adaptation, which is linked to the pathophysiological processes of chronic renal anemia. In recent years, there have been great achievements of research on drugs for renal anemia based on oxygen sensing pathway. Current focus of research is on the hypoxia-inducible factor (HIF)-prolyl hydroxylase inhibitor (PHI), mainly with six drugs (all oral preparations), which can steadily increase the level of erythropoietin (EPO) and hemoglobin (Hb) and improve iron metabolism. Some of them have already been on the market, while others are still under clinical research. As the only new drug on the market derived from the 2019 Nobel Prize in Physiology or Medicine, roxadustat is a model of translational medicine. Its debut in China makes China the first country in the world that approves the drug with initiative mechanism. This paper summarizes the findings of HIF-PHI and the research status of anti-renal anemia drugs based on this new mechanism.