This article deals with recent progress including the author's work in the field of block copolymer self-assembly in solution and on solid surfaces. The synthesis methods for producing block copolymers with well-defined structures, molecular weights and composition are outlined with emphasis on ionic and controlled free radical polymerization techniques. A general overview of the preparation, characterization and theories of block copolymer micellar systems is presented. Selected examples of micelle formation in aqueous and organic medium are given for di-and triblock copolymers, as well as for block copolymers with more complex architectures. Current and potential application possibilities of block copolymer colloidal assemblies as stabilizers, flocculants, nanoreservoir in, among others, controlled delivery of bioactive agents, catalysis, latex agglomeration and stabilization of non-aqueous emulsion are also discussed.