Eutectic mixtures (EMs) are consisted of two or more components with a specific composition and melting point, have received a lot of attention in pharmaceutical research due to their potential to improve the physicochemical properties and oral bioavailability of active pharmaceutical ingredients (APIs). This review summarizes the most recent research on eutectic combinations of APIs and their use in pharmaceutical formulations. First, the fundamental concepts and characteristics of EMs are reviewed, focusing on their distinct thermodynamic properties and possible advantages in drug delivery systems. The tactics used for forming and characterizing EMs are then described, including techniques such as thermal analysis, spectroscopy, and microscopy. The review delves into the diverse approaches utilized to enhanced the solubility, dissolution rate and oral absorption of poorly water‐soluble APIs through the formation of EMs, including the selection of suitable co‐formers, optimization of composition ratios, and formulation techniques. Furthermore, notable examples of EMs in pharmaceutical development are presented, showcasing their efficacy in enhancing the bioavailability of a wide range of drug compounds across different therapeutic classes. Overall, this review covers the potential of EMs as a promising approach to address formulation challenges and improve the therapeutic performance of APIs, paving the way for the development of more effective and patient‐friendly drug products.