Nuclear factor, erythroid derived 2,-like 1 (NFE2L1), a member of the CNC-bZIP transcription factor family, is a key regulator of cellular homeostasis by influencing oxidative stress, proteasome activity, and other factors. NFE2L1 plays a dual role in tumor development and progression; the molecular mechanisms underlying these processes are partially understood and are closely associated with oxidative stress, proteasome activity, and metabolic pathways. Furthermore, NFE2L1 also plays a role in cancer therapy by primarily regulating antioxidant effects and proteasome activity. Therefore, this review synthesizes current evidence of the mechanisms and therapeutic role of NFE2L1 in cancers, and highlights critical unresolved questions to guide future research.