A better elucidation of molecular mechanisms underlying drug-membrane interaction is of great importance for drug research and development. To date, different biochemical and biophysical methods have been developed to study biological membranes at molecular level. This review focuses on the recent applications and achievements of modern analytical techniques in the study of drug interactions with lipid membranes, including chromatography, spectrometry, calorimetry, and acoustic sensing. The merits and limitations of these techniques were compared and critically discussed. Moreover, various types of biomimetic model membranes including liposomes, lipid monolayers, and supported lipid monolayers/bilayers were described. General mechanisms underlying drug-membrane interaction process were also briefly introduced.