This paper analyzes the evolution of air attack targets and combat modes， the characteristics of new air attack targets， and the research status of similar ammunition in China and abroad. On this basis， it proposes that the small-caliber anti-aircraft gun ammunition will develop towards high-efficiency composite damage of armor piercing ammunition， great penetration capability， ammunition “proximity” attack capability， high-efficiency damage capability of fragment warhead， precision hit capability， high security， electromagnetic gun ammunition， and new concept ammunition of countersunk ammunition. Meanwhile， some key technical points in the development are analyzed， which provides references for the demonstration and research on small-caliber anti-aircraft gun ammunition， helps build an efficient small-caliber anti-aircraft ammunition system under the information warfare environment， and improves the operational efficiency of anti-aircraft guns.