Multivesicular vesicles, i. e. vesicles containing internal, non‐concentrically arranged smaller vesicles, are artificial, polymolecular compartment systems, which can be prepared from naturally occurring or fully synthetic bilayer‐forming amphiphiles in aqueous solution through various guided assembly procedures. The general concepts for the preparation of such “vesicles‐inside‐vesicles” systems (also called “vesosomes”) are summarized, and the different methods used are compared. Selected applications of multivesicular vesicles in the field of drug delivery, cell‐mimicking model systems, and as versatile compartments for the investigation of confined reactions are discussed.