The Double Reduction policy represents a significant educational reform endeavor of the Chinese government to alleviate the overly heavy burdens of homework and off-campus training for compulsory education students. Using the method of literature review, this study surveys the existing empirical research on the effects of the policy on the students, parents, and teachers to find that it has a positive effect on student all-round development by reducing their academic burdens, whereas it also faces challenges, such as less ideal after-school services, persistent education anxiety in the parents, and increased workloads for the teachers. The study proposes recommendations for improving the policy's implementation, including enhancing the digital educational resources, strengthening home education guidance, and bolstering teachers' well-being via multi-agency efforts.