Polymersomes, also known as polymeric vesicles, have high potential in the field of biomedicines due to their high stability and ability to carry hydrophilic and hydrophobic materials to the targeted sites without any loss. The self‐assembly of amphiphilic block copolymers into hollow spherical structures, known as polymersomes, has opened up new frontiers in biomedicine and other bio‐related applications. These structures harness the unique properties of biopolymers such as polyethylene glycol (PEG), polycaprolactone (PCL), and polypeptides, which contribute to their biocompatibility and functionality. The need for efficient materials for applications in the field of targeted drug delivery, theranostics, and bio‐imaging is increasing day by day so that scientists are in search of efficient polymersomes by making modifications in their structures. This review outlines various block copolymers from which polymersomes can be made, the types of polymersomes, the ways to prepare the materials along with the biomedical applications that the polymersomes can be opted for. Here we discuss about self‐assembly techniques like solvent switch, microfluid, pH tuning and polymerization induced self‐assembly. The present paper provides an overview of stimuli‐responsive polymersomes. Towards the end of the review, several applications of polymersomes are covered, such as drug administration, imaging, theranostics, and usage as nanoreactors.