In this paper, we conduct a holistic exploration of Universal Decompositional Semantic (UDS) parsing, aiming to provide a more efficient and effective solution for semantic parsing and to envision the development prospects after the emergence of large language models (LLMs). To achieve this, we first introduce a cascade model for UDS parsing that decomposes the complex task into semantically appropriate subtasks. Our approach outperforms prior models while significantly reducing inference time. Furthermore, to further exploit the hierarchical and automated annotation process of UDS, we explore the use of syntactic information and pseudo-labels, both of which enhance UDS parsing. Lastly, we investigate ChatGPT’s efficacy in handling the UDS task, highlighting its proficiency in attribute parsing but struggles in relation parsing, revealing that small parsing models still hold research significance. Our code is available at https://github.com/hexuandeng/HExp4UDS.