Microspheres are multiparticulate drug delivery systems which are prepared to obtain prolonged or controlled drug delivery to improve bioavailability, stability and to target the drug to specific site at a predetermined rate. They are made from polymeric waxy or other protective materials such as natural, semi synthetic and synthetic polymers. Microspheres are characteristically free flowing powders having particle size ranging from 1-1000 μm consisting of proteins or synthetic polymers. The range of techniques for the preparation of microspheres provides multiple options to control as drug administration aspects and to enhance the therapeutic efficacy of a given the drug. These delivery systems offer numerous advantages compared to conventional dosage forms, which include improved efficacy, reduced toxicity, improved patient compliance and convenience. Such systems often use macromolecules as carriers for the drugs. The present review highlights various types of microspheres, different methods of preparation, its applications and also various parameters to evaluate their efficiency. Microspheres are various types like Bioadhesive microspheres, Magnetic microspheres, Floating microspheres, Radioactive microspheres, Polymeric microspheres, Biodegradable polymeric microspheres, Synthetic polymeric microspheres and are prepared by methods like Spray Drying, Solvent Evaporation, Single emulsion technique, Double emulsion technique, Phase separation coacervation technique, Spray drying and spray congealing, Solvent extraction, Quassi emulsion solvent diffusion. Microspheres have wide range of applications because of controlled and sustained release.