The last decade has seen a meteoric rise in studies investigating polymeric aggregates as nanocarriers. When it comes to morphology, size, functionality, and immunostability, polymeric nanocarriers (PNCs) are unparalleled. With characteristics such as large surface area to volume ratio, amphiphilic nano‐environment, non‐toxic components, chemically modifiable composition, external surface alteration potential, uniform particle size, and stimuli‐dependent self‐assembly, PNCs have emerged as strong candidates for therapeutic applications. The article reviews the latest research on different challenges and strategies for targeted drug delivery and shall serve as guide to the researchers in designing site‐specific nanocarriers for application in future. The review systematically discusses the fundamental structural variation of the nanocarriers with emphasis on the influence of chemical alterations and the resulting effects on functionality; addresses the difficulties encountered with modes of administration; target selectivity and stimulus response.