Emulgels are semi-solid emulsions that combine the benefits of both emulsions and gels. They provide enhanced stability, sustained release and improved cosmetic properties. Emulgels can be fabricated using a variety of emulsification techniques and gelling agents like carbopol, hydroxypropyl cellulose. Characterization of emulgels includes evaluation of particle size, viscosity, pH, spreadability and drug release. Emulgels have promising applications in topical delivery of drugs and cosmetics, parenteral delivery of drugs and as emulsion-based oral drug delivery systems. Topical emulgels are used in skin care, hair care and cosmetics to provide moisturization, hydration, etc. Parenteral emulgels can deliver drugs in a sustained manner. Oral emulgels improve the absorption of some drugs. Several advantages of emulgels include sustained and controlled release of actives, improved solubility of both hydrophilic and lipophilic drugs, protection from degradation, and enhanced cosmetic elegance. However, emulgel formulation requires specialized emulsification equipment, and they have lower drug loading capacity compared to other semi-solid systems. Emulgels combine the benefits of emulsions and gels, providing a versatile drug and cosmetic delivery platform with unique advantages. Improvements in emulsification techniques, identifying newer gelling agents and permeation enhancers can further enhance the potential of emulgel systems. With growing research on emulgels, these systems are poised to make a significant impact on topical, parenteral and oral delivery in the coming years. Emulgels thus present an exciting prospect for developing innovative and improved formulations.