Fingolimod is the first registered oral drug effective in the treatment of multiple sclerosis. Its active metabolite, fingolimod phosphate, affects S1PR receptors, and regulates the release of lymphocytes from the lymphoid tissues, showing an immunosuppressive effect. However, recent studies have also shown fingolimod to have neuroprotective properties. Fingolimod is able to cross the brain–blood barrier, and thus affect the central nervous system cells expresing S1PR receptors, such as astrocytes, oligodendrocyte progenitor cells, microglia and neurons. It stimulates the production of neurotrophic factors, and decreases the production of nitric oxide in astrocytes, thus relieving the severity of the neurodegenerative process. Furthermore, it limits the expression of pro-inflammatory TNF-induced cytokines in astrocytes, reducing their pro-inflammatory potential. It stimulates the migration and proliferation of oligodendrocyte progenitor cells, which are the source of oligodendrocytes – the only cells in central nervous system capable of synthesizing myelin. Fingolimod treatment significantly enhances the regenerative mechanisms in experimental autoimmune encephalomyelitis. It reduces microglial reactivity, and slows down the nuerodegenerative process caused by inflammatory response. Long-term application of fingolimod reduces the sensitivity of nerve cells to neurotoxic agents, suggesting a direct neuroprotective effect. Currently, clinical trials of several selective S1PR inhibitors are in progress, such as siponimod, ponesimod and ozanimod. They seem to show an improved safety profile and pharmacokinetic properties compared to fingolimod.