Background: Psoriasis, a chronic inflammatory skin disorder, poses substantial challenges to affected individuals, with plaque psoriasis being the most prevalent form. Despite advancements in treatment, including biologic drugs and oral small molecules, there remains a need for effective, accessible, and safe therapies for moderate-to-severe psoriasis. Deucravacitinib, a novel oral small molecule targeting Tyrosine Kinase 2 (TYK2), emerges as a promising option in psoriasis management. Objective: This study aims to evaluate the efficacy and safety of deucravacitinib in the treatment of psoriasis. Method: A comprehensive literature search was conducted across multiple databases, including PubMed, clinicaltrials.gov, Cochrane Skin, and Embase, up to February 16, 2023. Manuscripts were selected and analyzed following PRISMA guidelines. Relevant keywords such as "psoriasis," "oral small molecules," "deucravacitinib," "efficacy," and "safety" were used. Various types of manuscripts, including reviews, meta-analyses, clinical trials, and real-life experiences, were considered. Abstracts and full texts of selected articles were reviewed, and references were cross-checked. Results: A total of four completed trials and six ongoing studies were included in the review. Completed studies demonstrated the efficacy of deucravacitinib, with significant improvements in Psoriasis Area and Severity Index (PASI) scores compared to placebo and apremilast. Notably, deucravacitinib showed superiority in achieving PASI 75, 90, and 100 responses. Safety profiles were generally favorable, with common adverse events including nasopharyngitis, headache, diarrhea, and nausea. Conclusion: Deucravacitinib emerges as an innovative and valuable option for psoriasis management, offering promising efficacy and safety outcomes in clinical trials. While further research is warranted to validate its efficacy and compare it with existing therapies, deucravacitinib holds potential as a significant addition to the psoriasis treatment armamentarium.