Microspheres applied in medical applications experience explosive development in recent years, such as drug release, cell culture, and bone tissue engineering, etc. However, there are still some bottlenecks both in economy and technology lay that cannot be ignored. For instance, microsphere technology has not been used in cell culture widely because of its uneconomical cost; as the core of drug‐loaded microsphere, targeted microsphere technology is still not mature enough. Besides, the common microsphere fabrication methods: microfluidic or emulsion technology is difficult to guarantee high biocompatibility of microsphere due to utilization of photoinitiator, crosslinking agent, surfactant, and other substances. Therefore, gas‐shearing technology has been proposed to solve these above shortcomings successfully. This paper focuses more on heteromorphic microspheres rather than on single microspheres which begins with a minute introduction of microsphere preparation methods: microfluidic, coaxial electrospray, emulsion, and gas‐shearing technology. Then its medical applications: drug release, cell culture, bone tissue engineering, and hemostasis are discussed in detail. The disadvantages of fabrication methods and bottlenecks for medical applications at present are also stated. At the end, perspectives of microsphere development are put forward.