Hyperbranched polymers (HBPs) have found use in a wide range of applications, such as optical, electronic and magnetic materials, coatings, additives, supramolecular chemistry, and biomedicine. HBPs have gained attention for the development of drug delivery systems due to the presence of internal cavities in their three-dimensional globular structure that can be used to encapsulate drugs and their facile synthesis as compared to dendrimers. The composition, topology, and functionality of HBPs have been tuned to design drug carriers with better efficacies. Recent advances have been reported to introduce functional groups to enhance targeting tumor cells. HBPs have been modified to promote passive and active targeting. This review article will describe the different routes to synthesize hyperbranched polymer, their use as drug carriers for targeted drug delivery, and their functionalization with ligands for active targeting through various synthesis strategies to give the reader an extended overview of the progresses accomplished in this field. The modification of HBPs with ligands such as peptides, oligonucleotides, and folic acid have been demonstrated to enhance the accumulation of the drug selectively at the tumor sites. The potential uses and developments of HBPs as nanoobjects for theranostics for example are discussed as perspectives.