Nanotechnology, the science of nano sized particles, has rapidly gained the spotlight in diversified areas including pharmaceutical sector. With the blessings of accurate drug designing and better pharmacological action, it has entered the pharmaceutical arena bringing promising discoveries along with it. Nanoemulsion is one of the greatest and advantageous dosage forms with the application of nanotechnology in pharmaceutical formulations. Very small size droplets of the nanoemulsion favor better drug absorption and targeting. It not only improves the conventional emulsion systems but also opens new opportunities for other drugs to be designed more precisely with better bioavailability and accurate dosing rendering minimum side effects. This article depicts various advantageous features of nanoemulsions delineating different methods of preparation. The foci of this review also include the opportunities of other drugs to be formulated through nanoemulsification in order to ensure better therapeutic effect. The summary shows recent researches on nanoemulsion formulation from different classes of drugs as well as some formulations based on nanoemulsion templates. The methods of preparing nanoparticles, characterized by nanoemulsion templates, have also been discussed which, as a whole, presents the best possibilities of nanoemulsions.