This paper reviewed recent researches and clinical trials using bispecific antibodies. Antibodies with two distinct binding specificities have great potential for a wide range of clinical applications as targeting agents for in vitro and in vivo immunotherapy. They have shown great promise for targeting cytotoxic effector cells, cytotoxic drugs, delivering radionuclides or toxins to tumor cells. We introduced potential applications of bispecific antibodies, and discussed the theoretical basis and problems associated with their production and purification, cell fusion and chemical conjugation techniques, and proposed a new manufacturing strategy by genetic engineering. This approach will enable the wide clinical application of bispecific antibodies for cancer immunotherapy.