Cyclodextrins are promising, but using them as an excipients can sometimes be difficult. The aim of this review is to summarize the results of recent studies on the application of parent cyclodextrins (alpha-, beta-, gamma-) and some of their derivatives in topical formulations. General properties, current legal status, and toxicological aspects of cyclodextrins are briefly described. The goal of using cyclodextrins to create new formulations with well-known actives, advantages, and limitations in topical formulations is presented, and possible applications in such preparations are also discussed.