In the present era, the pharmaceutical market is flooded with a wide range of combination dosage forms, and their number continues to grow rapidly. These multicomponent formulations are gaining significant attention due to their enhanced patient compliance, improved therapeutic efficacy, multiple modes of action, reduced side effects, and faster onset of action. Therefore, it is essential that such formulations comply with established standards of quality, safety, and efficacy. Achieving this requires the availability of reliable analytical techniques for their accurate determination. Various UV spectrophotometric methods are widely employed for the simultaneous analysis of multicomponent formulations. These techniques involve the measurement and mathematical processing of absorption spectra. This review primarily focuses on several important methods, including the simultaneous equation method, difference spectrophotometry, derivative spectrophotometry, absorbance ratio method, derivative ratio spectra method, double divisor ratio derivative method, successive ratio-derivative spectra method, Q-absorbance ratio method, isosbestic point method, absorptivity factor method, dual wavelength method, ratio subtraction method, mean centering of ratio spectra, absorption factor method, and multivariate methods. The theoretical principles and selected applications of these techniques are also discussed.