Cubosomes can be considered as a novel lipid-based nanosystems similar to well-known vesicular systems such as liposomes and niosomes. Cubosomes have been widely formulated using certain amphiphilic lipids (e.g. glyceryl monooleate and phytantriol) in the presence of a suitable stabilizer. They can represent a novel drug delivery system which could be loaded with hydrophilic, lipophilic and amphiphilic drug molecules. They are widely used for various drug delivery applications such as oral, ocular, transdermal and chemotherapy drug delivery. In this review, the pertinent literature of cubosomes with emphasis on theories of self-assembling, the composition of cubosomes, methods of preparation and drug delivery applications will be critically reviewed.