Emulgel formulations have emerged as a prominent category in pharmaceutical and cosmetic industries due to their unique characteristics combining the properties of emulsions and gels. This comprehensive review paper delves into the world of emulgels, focusing on their emulsion-based preparation and lipophilic nature. We explore the classification of emulgels, detailing the various types and their applications. This paper provides a comprehensive overview of various techniques employed in the preparation of emulgels. The focus is on elucidating the intricacies involved in achieving formulations that are both stable and efficacious. The diverse methods discussed in the paper shed light on the nuanced aspects of emulgel preparation, offering valuable insights for researchers and practitioners in the field.. Moreover, we present a compelling rationale for the adoption of emulgels as a novel drug delivery system, highlighting their ability to enhance drug infiltration, stability, and patient compliance. In addition to a retrospective analysis, this review paper provides insights into the current landscape of emulgels, covering recent advancements and applications across pharmaceuticals and cosmetics. Furthermore, we discuss the potential future perspectives of emulgels, emphasizing their role in addressing contemporary challenges in drug delivery and skincare. This review serves as a valuable resource for researchers, practitioners, and industry professionals interested in harnessing the potential of emulgels for innovative formulations and therapeutic applications.