Nanosponges (NS) have emerged as a groundbreaking solution to a myriad of formulation-related challenges in drug delivery. This review aims to provide a thorough understanding for scientists engaged in nanotechnology by exploring the preparation, characterization, and diverse applications of NS. Additionally, we delve into patent information, shedding light on innovative approaches and intellectual property landscapes surrounding Nanosponges technology. The evolution of Nanosponges marks a significant advancement in overcoming formulation obstacles. Resembling small sponges at the scale of viruses, these carriers can be loaded with a wide array of pharmaceuticals. Navigating through the bloodstream, they precisely target specific areas within the body, adhering to surfaces and initiating controlled and predictable drug release. The localized delivery capability of Nanosponges enhances the effectiveness of medications, as they concentrate at designated sites, optimizing therapeutic outcomes. A pivotal characteristic of Nanosponges is their liquid solubility, enabling efficient utilization for drugs with low solubility. The fluidic nature of these systems contributes to their versatility and applicability in addressing challenges associated with poorly soluble medications. Through an exploration of patents, this review offers insights into the intellectual property landscape, revealing innovative strategies, applications, and future directions of Nanosponges in drug delivery. In summary, this comprehensive review amalgamates current scientific knowledge with patent-related information, providing a holistic perspective on Nanosponges. This review becomes a helpful resource for researchers in the dynamic field of nanotechnology and drug delivery by illuminating formulation methodologies, evaluating patent landscapes, and forecasting future developments.