Micellization is the process of formation of micelles using different polymers mainly pluronic (F127, F123, etc.). Polymers are used to formulate polymeric micelles that provide physical and chemical stability of drugs that are encapsulated into them. Moreover, the drugs are encapsulated in the core portion (hydrophobic inner) of micelles and another portion is the shell portion (hydrophilic outer) which provides hydrophilicity to the hydrophobic drug. Delivery of hydrophobic drugs by micelles is easy and preferred due to the nano size structure, well association, low toxicity, biocompatible, well core structure, and a high stability. Several methods of preparation of micelles such as - thin film hydration, solvent evaporation, dialysis, and direct dissolution are discussed here. Micelles formulations in pharmaceutical industries are preferred because they enhance the solubility and bioavailability of drugs of BCS class II and IV. This review focuses on various strategies to overcome the problems related to poor aqueous solubility and bioavailability of drugs, micellar solubilization, and application of micelles for various drug delivery. It also includes future considerations for the development of various polymeric micelles-based drug formulations.