Cryogels are a distinct class of macroporous polymeric materials formed through cryopolymerization, where precursor monomers and polymers undergo polymerization and cross-linking under freezing conditions. Unlike conventional hydrogels, which exhibit nanoscale porosity and are synthesized at ambient temperatures, cryogels feature interconnected micrometer-sized pores that confer unique mechanical, structural, and functional properties. Their high porosity, rapid hydration, and efficient mass transport make them highly desirable for tissue engineering, biosensing, drug delivery, and environmental remediation applications. However, a critical challenge remains a comprehensive understanding of the intricate relationships among synthesis parameters, microstructure, and functional performance. This review provides a systematic discussion of cryogel properties, with a focus on their mechanical resilience, biocompatibility, and shape recovery behavior. We examine recent advancements in characterization techniques, including in situ imaging, advanced rheological assessments, and machine learning-assisted porosity evaluation, which have significantly improved our ability to assess cryogel performance. Additionally, we review the biophysical characterization of cryogels composed of different polymer systems, elucidating structure-property correlations in pore architecture and cellular interactions. Expanding beyond traditional biomedical applications, we briefly describe the emerging potential of cryogels in biosensors, soft robotics, and environmental sustainability, emphasizing the importance of an integrated approach that links the structure to functional outcomes. By providing a detailed discussion of established and cutting-edge characterization methodologies, this perspective is a valuable resource for researchers striving to develop next-generation cryogels with precisely tailored properties for specialized applications.