Cubosomes can be considered as a novel lipid-based nanosystems similar to well-known vesicular systems such as liposomes and niosomes. Cubosomes have been widely formulated using certain amphiphilic lipids (e.g. glyceryl monooleate and phytantriol) in the presence of a suitable stabilizer. They can represent a novel drug delivery system which could be loaded with hydrophilic, lipophilic and amphiphilic drug molecules. They are widely used for various drug delivery applications such as oral, ocular, transdermal and chemotherapy drug delivery. In this review, the pertinent literature of cubosomes with emphasis on theories of self-assembling, the composition of cubosomes, methods of preparation and drug delivery applications will be critically reviewed. Key words Cubosomes, glycerol monooleate (GMO), phytantriol (PHYT), poloxamer 407, theories of self-assembling They have low entrapment efficiency for water-soluble drug molecules due to their high water content inside their structure [1]. 2. Theories of self-assembling of amphiphilic lipids Certain amphiphilic surfactants with polar and non-polar components are able to self-assemble in aqueous media into highly ordered aggregates (structures) [16], with long-range order in one, two or three dimensions and short-range order at atomic distance [17]. The resultant surfactant structures could be micelles, open lipid bilayer, closed lipid bilayer and inverted micelles. There are two main theories tried to explain how these surfactant can be self-assembled into especial structure. 2.1. The principle of opposing forces Amphiphilic molecules when exposed to a polar solvent they are arranged in such a way to minimize their free energy, where the polar solvent penetrates through the amphiphilic molecules exposing the hydrophilic portions to the aqueous environment