Progesterone is vital for sustaining pregnancy. Progesterone deficiency is considered a risk factor for infertility, threatened or recurrent miscarriages, and preterm births. Exogenous progesterone is a viable alternative for obstetric indications linked to low progesterone activity. Oral natural micronized progesterone (NMP) is beneficial in luteal phase support for in vitro fertilization (IVF), intrauterine insemination (IUI), threatened miscarriage, and preterm birth prevention. However, it necessitates frequent dosing and induces side effects owing to its active metabolites. To address these concerns, a sustained release (SR) formulation was developed and it presents a feasible option for addressing obstetric indications linked to inadequate endogenous progesterone levels. This review summarizes the benefits, efficacy, and safety of oral NMP and its SR formulation in obstetric indications.