Recent developments in nanotechnology have paved the way for the creation of novel biomaterials based on the nanoscale with numerous potential uses in the area of nanomedicine. The main issue that medical experts are dealing with is targeted drug delivery to specified areas. These issues could be solved by the newly created colloidal system known as nanosponge. Nanosponges are a brand-new type of colloidal structures made of hypercross-linked polymers and composed of solid nanoparticles with colloidal diameters and nanosized voids. Nanosponges are tiny sponges that are roughly the size of a virus and may hold a range of medications. These tiny sponges can move through the body until they reach the intended target site, where they adhere to the skin and start to release the drug in a controlled and predictable manner. This review attempts to elaborate the advantages, synthesis, characterisation, and applications of nanosponges.