Wound exudates, the effusion of tissue fluid after injury, can act as a bridge for biochemical substance transfer and provide an environment for wound healing. However, excessive wound exudate prolongs the inflammatory phase and hinders healing, particularly in chronic wounds. Although dressings have long been used to absorb exudates and protect wounds, traditional dressings have non-negligible limitations in exudate management because of their single structure and function. Materials with asymmetric wettability and specific pore structures have unique advantages for controlling unidirectional liquid transport, providing a new approach for exudate management. In recent years, exudate management dressings have advanced significantly, but have seldom been described and discussed in detail. Therefore, this review systematically presents the mechanism, necessity, and configurations of exudate management dressings. Variously, textile-, nano/microfiber-, membrane-, foam/sponge-based, and composite exudate management dressings are reviewed. The methods for evaluating exudate management are briefly described and the current challenges and prospects are presented to provide references for the future development of dressings.