Microparticles (MPs) with controlled morphologies and sizes have been investigated by several researchers due to their importance in pharmaceutical, ceramic, cosmetic, and food industries to just name a few. In particular, the electrospray (ES) technique has been shown to be a viable alternative for the development of single particles with different dimensions, multiple layers, and varied morphologies. In order to adjust these properties, it is necessary to optimize different experimental parameters, such as polymer solvent, voltage, flow rate (FR), type of collectors, and distance between the collector and needle tip, which will all be highlighted in this review. Moreover, the influence and contributions of each of these parameters on the design and fabrication of polymeric MPs are described. In addition, the most common configurations of ES systems for this purpose are discussed, for instance, the main configuration of an ES system with monoaxial, coaxial, triaxial, and multi-capillary delivery. Finally, the main types of collectors employed, types of synthesized MPs and their applications specifically in the pharmaceutical and biomedical fields will be emphasized. To date, ES is a promising and versatile technology with numerous excellent applications in the pharmaceutical and biomaterials field and such MPs generated should be employed for the improved treatment of cancer, healing of bone, and other persistent medical problems.