Effective targeted drug delivery systems have been a dream for long time. The invention of nanosponges has become a significant step towards overcoming these problems. These small sponges can circulate around the body until they encounter the target site and stick on the surface and began to release the drug in a controlled and predictable manner which is more effective for a particular given dosage. Owing to their small size and porous nature they can bind poorly-soluble drugs within their matrix and improve their bioavailability. They can be crafted for targeting drugs to specific site, prevent drug and protein degradation and prolong the drug release in a controlled manner. This review attempts to elaborate the interesting features of nanosponges, preparation, Characterization, applications and recent updates of nanosponges in drug delivery.