Achieving a successful targeted drug delivery system for an extended duration remains an aspiration, primarily hindered by the intricate chemical reactions involved in developing the latest drug delivery systems. However, a newly devised colloidal system known as nanosponges holds significant potential in addressing challenges such as drug toxicity, diminished bioavailability, and erratic drug release. Nanosponges exhibit adaptability to both hydrophilic and hydrophobic types of drugs. Described as miniature sponges capable of circulating within the body, nanosponges aim to reach specific sites, binding to the surface of affected areas to release drugs in a controlled, sustained, and predictable manner. With a porous structure, nanosponges can entrap drug moieties, ensuring a desired and controlled release. The Nanosponge Drug Delivery System (NSDDS) emerges as one of the highest encouraging fields in pharmaceutical. This review aims to provide comprehensive insights into nanosponges, covering their preparation techniques, evaluation, and applications in healthcare.