Liquid crystalline cubosomes are self-assembly of aqueous lipid and surfactant mixture. They are discrete and sub-micron in size. It is an innovative lipid-based nanosystem resembling well-known vesicular systems including niosomes and liposomes. Cubic phases incorporate lipophobic, amphiphilic and hydrophilic, components through the utilization of a rounded bi-continuous lipid bilayer and water channels. Cubosomes contain lipids such as phytantriol (PHYT) and glycerol monooleate (GMO) which are amphiphilic in nature that are diffused in water and structured in 3-D as a “honeycomb” structure with suitable stabilizer (Poloxamer 407). Cubosomes are generated by mostly two techniques i.e., top-down, bottom-up methods. UV spectrophotometer, X-ray scattering, transmission electron microscopy, and photon correlation spectroscopy are used to characterize and evaluate cubosomes. They are commonly used in the administration of oral, ophthalmic, transdermal, and chemotherapeutic drugs. The liquid crystalline phase and bicontinuous cubic form nanoparticles are thoroughly discussed in this paper. In the current review search criterion used parameters affecting cubosomes bi-continuous lipid bilayer by top-down and bottom-up methods mostly. The sources referred from peer-reviewed recognized journals. Keywords used as filters were cubosomes, amphiphilic lipids, top-down, bottom-up, bicontinuous, GMO, and phytantriol (PHYT). For the purpose of a comprehensive update literature review over a range (1976–2023) has been conducted on the recent developments cubosomes system.