Floating Osmotic Drug Delivery System (FODDS) is a controlled oral drug delivery system which comes under the category of Gastroretentive Drug Delivery (GRDDS). It is based upon the osmotically controlled release mechanism which offers a sustained therapeutic action while reducing the side effects. Various drugs with a shorter half-life and a small absorption window get highly benefited By FODDS. FODDS also finds a unique place among the other GRDDS by surpassing their performance. FODDS incorporates a variety of ingredients such as osmotic agents, semi permeable substance, gas generating Agent and a gel forming agent. The preparation of the system involves techniques like direct compression and coating process. Characterisation studies like in-vitro dissolution study, in-vivo radiological study and pharmacokinetic study were adapted for evaluation of FODDS. Many studies have been carried out to illustrate the efficiency of the FODDS in overcoming the drawbacks such as poor bioavailability, drug wastage etc. Active agents derived from the field of pharmacognosy have also been benefited by FODDS since they prevent the enzymatic degradation of the active agents and and improve their bioavailability. FODDS also provides a robust pharmacokinetic profile with both in-vitro and in-vivo drug release rate which results in excellent in-vitro/in-vivo correlation due to its controlled release mechanism. This review is primarily focused on providing an overall insight into FODDS while giving detailed information regarding its design, development, mechanism, characterisation and a precise overview of various studies carried out using FODDS.