Micro- and nanorobots are highly intelligent and efficient. They can perform various complex tasks as per the external stimuli. These robots can adapt to the required functional form, depending on the different stimuli, thus being able to meet the requirements of various application scenarios. So far, microrobots have been widely used in the fields of targeted therapy, drug delivery, tissue engineering, environmental remediation and so on. Although microbots are promising in some fields, few reviews have yet focused on them. It is therefore necessary to outline the current status of these microbots’ development to provide some new insights into the further evolution of this field. This paper critically assesses the research progress of microbots with respect to their preparation methods, stimulus–response mechanisms and applications. It highlights the suitability of different preparation methods and stimulus types, while outlining the challenges experienced by microbots. Viable solutions are also proposed for the promotion of their practical use.