Nanosponges represent a recent breakthrough in the field of nanotechnology. Initially designed for topical drug delivery, they have evolved to facilitate oral drug delivery using water-soluble and biodegradable polymers. Nanosponges are porous structures with dimensions akin to viruses, boasting an average diameter of less than 1µm. Their diminutive size and porous nature enable them to effectively bind to poorly soluble drugs, thereby enhancing their bioavailability. These nanosponges can circulate within the body and selectively interact with specific target sites, releasing drugs in a controlled manner upon reaching their intended destinations. Various techniques have been reported for nanosponge preparation, including the emulsion solvent method, solvent method, ultrasound-assisted method. Nanosponges offer a highly advantageous approach to targeted drug delivery, with the added benefit of minimizing side effects. One of their key advantages lies in their ability to enhance the solubility of poorly soluble drugs and accommodate higher drug loads compared to other nanocarriers. This review provides insights into the formulation methods, excipients employed, nanosponge significant advantages they offer in transforming the undesirable properties of drugs into desirable ones.