The research on the chemistry of host–guest complexes based on noncovalent interactions involving a macrocyclic host and a guest has seen an upsurge in recent years due to their potential application in metal ion separation, molecular sensors, catalysis, nanomaterials and therapeutics, and other stimuli‐responsive systems. This article provides a brief account of a relatively new class of macrocyclic hosts, cucurbit[
n
]uril (CB
n
), their molecular recognition properties with several important guest molecules, and their applications. Along with various synthetic approaches, an environmental friendly (
green
) method to isolate CB
n
homologues (CB[5–8]) by utilizing imidazolium salts has also been discussed. The noncovalent host–guest assemblies with cucurbiturils bring out a remarkable modulation of the physicochemical properties of the guest molecules such as solubility, stability, aggregation behavior, acidity constants, antibacterial activity, and cytotoxicity. Efforts have also been made to give specific examples of cucurbituril‐encapsulated guest assemblies and discuss their potential applications toward controlled uptake and release of drugs, construction of photofunctional devices, aqueous‐based dye lasers, molecular architectures, gas sensors, stimuli‐responsive hydrogel, chemoselective photoreactions, biological catalytic activity, and inhibition of amyloid fibrillation.