Deep eutectic solvents (DESs) are green alternatives to ionic liquids with wide applications in organic synthesis and catalysis. DESs are characterized by being easily prepared, biodegradable, nontoxic, and noninflammable. When one or more of the DES components is active pharmaceutical ingredient (API), the eutectic mixtures are named as therapeutic deep eutectic solvents (THEDESs). THEDESs are prepared in order to improve the solubility and/or the permeability of the APIs. This review presents a brief summary of the most important THEDESs reported to date having antimicrobial and/or anticancer activities. The challenges and limitations of THEDES preparation were also discussed. The work presented here indicated the importance of THEDES as a promising drug delivery system that can overcome the bioavailability problems while retaining or enhancing the biological activity of its components.