The controlled-release drug delivery systems have risen dramatically allowing various factors such as the prohibitive cost of developing new entities, the expiration of existing international patents, and the discovery of new polymeric materials suitable for prolonged drug release and improvement in therapeutic efficacy. Microsponges are the porous microspheres-based polymeric delivery system that allows controlled drug release at a specific site. Microsponges are developed for the efficient delivery of active ingredients at a low dose. They help in improving stability by modifying drug release kinetics, reducing side effects, and enhancing the retention of drug entities. Microsponge compositions are stable throughout a wide pH and temperature range, making them more compatible with numerous vehicles, and ingredients. Several studies have shown that microsponges are non-irritant, non-toxic, non-mutagenic, and non-allergic with self-sterilizing properties. They are typically used for topical administration but have lately been used for oral, vaginal, and colorectal administration as well. The current review contains basic information about microsponges, their method of preparation, and various characterization parameters. The review also discusses the application of microsponges in vaginal and colorectal diseases. The latter portion of the script includes various patents and preclinical trials.