FG-4592 is primarily used in medical research to study hypoxia-inducible factor (HIF) pathways. It is being investigated for its potential to treat anemia by stimulating the production of red blood cells. Additionally, it is explored for its role in promoting tissue repair and regeneration, particularly in conditions involving poor blood flow or oxygen delivery. FG-4592 is also studied for its potential benefits in managing chronic kidney disease and enhancing athletic performance, though these applications are still in experimental stages.