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This paper presents an overview of the principal structural and dynamics characteristics of reverse micelles (RMs) in order to highlight their structural flexibility and versatility, along with the possibility to modulate their parameters in a controlled manner. The multifunctionality in a large range of different scientific fields is exemplified in two distinct directions: a theoretical model for mimicry of the biological microenvironment and practical application in the field of nanotechnology and nano-based sensors. RMs represent a convenient experimental approach that limits the drawbacks of the conventionally biological studies in vitro, while the particular structure confers them the status of simplified mimics of cells by reproducing a complex supramolecular organization in an artificial system. The biological relevance of RMs is discussed in some particular cases referring to confinement and a crowded environment, as well as the molecular dynamics of water and a cell membrane structure. The use of RMs in a range of applications seems to be more promising due to their structural and compositional flexibility, high efficiency, and selectivity. Advances in nanotechnology are based on developing new methods of nanomaterial synthesis and deposition. This review highlights the advantages of using RMs in the synthesis of nanoparticles with specific properties and in nano (bio)sensor design.