In December 2019, the coronavirus disease-19 (COVID-19) outbreak emerged in Wuhan, China. On March 11, 2020, the WHO (World Health Organization) officially declared it a pandemic. Reports indicated that the associated mortality of the infection is quite higher in the elderly, patients with specific comorbidities (like diabetes mellitus), and generally the ones with a compromised immune system. A cohort study of 452 patients with laboratory-confirmed COVID-19 in Wuhan, China, reported a dysregulated immune response in these patients. As a result of this suppressed immune response, the increase of neutrophil to lymphocyte ratio (NLR), T lymphopenia, and decrease of CD4+ T cells was considered as common laboratory findings, especially in severe cases. On the other hand, there is also clear evidence of T cell exhaustion in severely ill patients. So, the immune system seems to play an important role in disease prognosis and pathogenesis. This study aims to review the evidence on the immune response dysregulation in COVID-19 infection and the potential role of immunoregulatory treatments such as immune checkpoint inhibitors, interferons, and CD200 inhibitors in altering disease prognosis, especially in critically ill patients.