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Among them, Src homology 2 (SH2) domain\u2010containing protein tyrosine phosphatases (commonly referred to as the SHP family). Members of the SHP family regulate multiple signaling pathways by catalyzing the dephosphorylation of substrate proteins, thereby participating in fundamental biological processes such as immune regulation and cell proliferation. Their normal function is essential for maintaining organismal homeostasis. Extensive evidence indicates that dysregulation of SHP family members is closely associated with a variety of diseases. Accordingly, this review summarizes the functional characteristics of SHP\u20101 and SHP\u20102, with particular emphasis on advances in their structural regulation, substrate recognition, signaling pathway regulation, and disease\u2010related mechanisms. 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