Conventional drug delivery systems are associated with various shortcomings, including low bioavailability and limited control over release. Biodegradable polymeric microparticles have emerged as versatile carriers in drug delivery systems addressing all these challenges. This comprehensive review explores the dynamic landscape of microparticles, considering the role of hydrophilic and hydrophobic materials. Within the continuously evolving domain of microparticle preparation methods, this review offers valuable insights into the latest advancements and addresses the factors influencing microencapsulation, which is pivotal for harnessing the full potential of microparticles. Exploration of the latest research in this dynamic field unlocks the possibilities of optimizing microencapsulation techniques to produce microparticles of desired characteristics and properties for different applications, which can help contribute to the ongoing evolution in the field of pharmaceutical science.