Nanotechnology has recently become a significant force in contemporary medicine, with therapeutic uses ranging from contrast agents for imaging to medication transporters. It has been difficult in creating payloads that are both safe and effectively delivered. Modern approaches that focus on the drug delivery system, such as Niosomes, can accomplish this. Scientists working on drug delivery systems have become more interested in the formation of non-ionic surfactant vesicles as a technique to enhance drug delivery over the past few decades. The development of Niosomes involves hydration of synthetic surfactants with the right proportions of cholesterol or other amphiphilic compounds to form self-assembled vesicular Nanocarriers. Niosomes also offer an easy manufacturing process, with low production costs, and have increased stability, thus eliminating the fundamental drawbacks of liposomes. Simple preparation techniques and commonly used surfactants in pharmaceutical technology can be employed to prepare Niosomes. This review covers composition, preparation, characterization/evaluation, benefits, limitations, applications, and recent developments of Niosomes.