Prostate cancer is the second most common malignant tumor in the world, with an incidence rate of 13.5% and a mortality rate of 6.7%. At present, treatment methods for prostate cancer include surgical treatment, endocrine therapy, chemotherapy, and radiotherapy. However, the efficacy of these treatments is not optimal, especially for advanced metastatic prostate cancer. Oncolytic virus has emerged as a novel therapeutic approach for cancer treatment due to its unique advantages such as high selectivity, high efficiency, and low toxicity. The replication ability of oncolytic virus in normal cells is low, while the virus can multiply specifically in tumor cells, which are lysed by the proliferation of the virus, and the induction of apoptosis. In addition, the released progeny virus can infect the surrounding tumor cells and eventually kill the tumor. In this review, we summarize the state-of-the-art progresses and propose new avenues in the development and application of oncolytic virus for the treatment of prostate cancer.