Abstract: Exosomes are nanoscale particles secreted by various cells, including immune, stem, and tumor cells. They are enriched with bioactive substances that transport tumor information, mediate intercellular communication, and regulate multiple physiological processes and tumor microenvironment (TME) remodeling. Exosomes secreted by different tumor cell types exhibit cell-specific characteristics, contain various factors involved in immune regulation, and can interact with all types of immune cells. Cancer immunoediting is a process in which the immune system can both constrain and promote tumor development, involving three phases: elimination, equilibrium, and escape. Tumor-derived exosomes play diverse roles during these stages, both promoting anti-tumor immunity and inhibiting the anti-tumor activity of immune cells. Collectively, understanding the immunoediting role of exhausted T cells (TEXs) in regulating the immune microenvironment in lung cancer provides novel insights into antitumor therapy.