Some kinds of amphiphilic lipids can spontaneously self-assemble with a proper ratio of water to form liquid crystalline, also known as cubic phase. With a curved bi-continuous lipid bilayer and two congruent networks of water channels, cubic phases can enclose hydrophilic, amphiphilic and hydrophobic drugs for delivery. Nanostructured cubosomes, prepared by fragmentation of bulk cubic phase gels or lyotropic methods, retain the same inner structure of cubic phase and possess much larger specific surface area and lower viscosity. These unique properties make cubosomes excellent delivery systems applicable for oral, mucosal, transdermal and parenteral drug delivery. This article gave an overview of the accelerated development and current status of cubosomes research, with respect to their preparation, characteristics and applications in pharmaceutics.