Efficacious targeted drug delivery systems have been a dream for a long time but the chemistry hold complex form had made conditions complicated butthe expansion of new colloidal carrier called Nanosponges likely circumvent these problems. They consist of nanoporous particles that can suspend or entrap a wide variety of substances, and then be engulfed into a dosage form. They release their active components on a time mode and also in response to other stimuli (rubbing, temperature, pH etc.). They can be crafted for targeting drugs to specific site, prevent drug and protein degradation and prolong the drug release in a controlled manner. They can circulate around the body and release the drug in a controlled and predictable manner at the specific target site.Another feature of nanosponges which makes them a carriers for poorly water soluble drugs is their good aqueous solubility.Both lipophilic as well as hydrophilic drugs can be loaded into nanosponges.Various applications of nanosponges like enhancing bioavailability of drug molecule and delivery of drugs into oral, topical, parentral as well as nasal route make them a good candidate for targeted delivery of drugs. This review is focusing on the fabrication and characterization of nanosponges, their advantages,applications and their future scenario. Keywords: Nanosponges, Controlled release, Polymers, Cross linkers, Cyclodextrin