Enhancing the solubility of poorly aqueous soluble drugs and improving their oral bioavailability pose significant challenges in new product development within the pharmaceutical industry. Several methods have been explored to tackle these issues, with their effectiveness depending on the specific physical and chemical properties of the molecules being developed. One promising approach is the cocrystallization of drug substances, which offers the potential to create new drug products with enhanced physicochemical characteristics such as melting point, tabletability, solubility, stability, bioavailability, and permeability, while maintaining the pharmacological properties of the active pharmaceutical ingredient. Cocrystals are composed of multiple components, with an active pharmaceutical ingredient and a coformer present in a specific ratio and bonded together through non-covalent interactions within the crystal lattice. This review article systematically outlines pharmaceutical cocrystals, detailing various methods of formation and evaluation, and highlighting their applications and benefits.