One of the most widely studied subjects in nanoscience technology is related to the creation of supramolecular architectures with well-defined structures and functionalities. In the late 1960s, micelles drew much attention as drug carriers owing to their easily controlled properties and good pharmacological characteristics. These supramolecular structures are generated as a result of self-assemblage of amphiphilic block polymers. Self-assembly of block polymers via hydrophobic and hydrophilic effects, electrostatic interactions, hydrogen bonding, and metal complexation has shown tremendous potential for creating such supramolecular structures with a wide array of applications. Polymeric micelles have gathered considerable attention in the field of drug and gene delivery due to their excellent biocompatibility, low toxicity, enhanced blood circulation time, and ability to solubilize a large number of drugs in their micellar core. In this article we have reviewed several aspects of polymeric micelles concerning their general properties, preparation and characterization techniques, and their applications in the areas of drug and gene delivery. Polymeric micelles can be used as 'smart drug carriers' for targeting certain areas of the body by making them stimuli-sensitive or by attachment of a specific ligand molecule onto their surface.