Microspheres, also known as microspheres or “monolithic spheres” are small spherical particles that usually range from 1 to 1000 micrometres (µm). This multi-particulate drug delivery system is used in order to obtain controlled and prolonged drug delivery, thus improving the stability, bioavailability, and site specificity at a desired and predetermined rate. There are various methods in order to prepare/formulate the microspheres, such as emulsion-solvent evaporation, extraction of solvent, spray drying, Coacervation, Electrostatic or Electrodynamic, Template or Moulding methods and various other methods that include Thermally Induced Phase Separation (TIPS) and Supercritical Fluid Extraction of Emulsions (SFEE). Every method has its own benefits and disadvantages therefore, the selection of appropriate method is critical in achieving the desired microsphere characteristic. This review covers the different methods used to prepare the microspheres, the variety of parameters used in order to evaluate their effectiveness and their applications in the field of pharmacy.