The progress made in the field of nanotechnology has led to the emergence of targeted drug delivery systems. However, the successful targeting of a molecule to a specific place requires the utilisation of a sophisticated drug delivery system. The identification of nanosponges represents a notable advancement in addressing specific challenges such medication toxicity, limited bioavailability, and controlled drug release, owing to their capacity to accommodate drugs in both hydrophilic and hydrophobic phases. Nanosponges possess an inherent porosity structure that exhibits a distinctive capability to encapsulate drug moieties, hence providing the advantage of controlled release. Nanosponges refer to minuscule sponge-like structures capable of traversing the human body and adhering to the drug's surface, so facilitating a regulated and predictable release. The formulation of these compounds can be achieved through the utilization of cyclo dextrin polymer in combination with crosslinkers. Extensive research has been conducted on the use of nano sponges in various drug delivery methods, including topical, oral, and parental administrations. In addition to their primary applications, nanosponges have demonstrated potential as carriers for various bioactive substances such as enzymes, proteins, vaccines, and antibodies. The present study centres on the preparation, characterization, and possible applications within the realm of drug delivery systems.