This paper reviews the literature on sovereign debt defaults in developing countries from the perspective of heterogeneous external creditors, focusing on the central questions of how external creditors identify default risks, measure and bear losses, and choose debt resolution instruments and negotiation strategies. It compares the differences and interconnections among various types of creditors in identifying sovereign default risks, examines the impacts of default shocks on creditors, and analyzes the debt resolution strategies adopted by different creditor groups in response to such risks. Particular attention is given to China, an emerging bilateral creditor, with a discussion of the specific practices and modalities of its lending to developing countries. Building on this review, the paper further identifies several important gaps in the existing literature, including insufficient research on country-level risk early warning and portfolio risk assessment from the perspective of specific creditors, as well as inadequate theoretical clarification of the mechanisms through which productive lending affects sovereign debt risks and default costs. On this basis, the paper derives corresponding policy implications.