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Inflammatory diseases have become increasingly prevalent throughout the world. Coronavirus disease 2019 (COVID‐19), which has recently become pandemic, also exhibits hyperinflammation and cytokine release syndrome. To address inflammation‐related diseases, numerous molecular targets have been explored in preclinical studies and clinical trials. Among them, the protease‐activated receptors (PARs) that belong to G protein‐coupled receptors are one of the most popular classes of drug targets, participating in inflammatory signalling and diseases. PARs activation can trigger downstream intracellular signalling to modulate a variety of inflammatory responses in multiple systems, including nervous, respiratory, digestive, circulatory, urinary and immune systems. Importantly, there are the Yin‐Yang effects, comprising anti‐ and pro‐inflammatory roles, of PARs activation in different types of inflammations, and these are context‐dependent. Alternatively, it was recently revealed that PARs not only modulate inflammatory‐related tumour progression, but also participate in inflammatory cytokine release related to COVID‐19 via direct interaction with severe acute respiratory syndrome coronavirus 2 protein, suggesting that PARs also participate in other diseases via inflammatory responses. In this review, we renew and discuss the findings of PARs as molecular targets for treating inflammatory diseases, highlighting the novel roles of PARs and facilitating a better understanding of their designated values in the specific inflammatory environment. [ABSTRACT FROM AUTHOR]