The idea that led to this review was conceived after some investigations we carried out showed that solid lipid microparticles (SLMs) have very good prospects as a good and an effective alternative to the traditional colloidal carrier systems like liposomes, emulsions and polymeric microparticles, for the encapsulation, targeting and controlled delivery of drugs and other actives. This was corroborated by reports from several researchers working in other laboratories. Hence, the review aims at showing that SLMs are at the forefront of the rapidly developing field of lipid-based drug delivery and technology with several potential applications in drug delivery, clinical medicine and research. This review presents the various formulation techniques applied as well as relevant issues such as factors considered in drug encapsulation and loading capacity of SLMs, and methods of characterization of SLMs are treated. The important routes of administration of SLMs and examples of candidate drugs incorporated and administered through such routes as well as the various ways SLMs have been applied in drug delivery and clinical medicine. Future areas of research interest are also highlighted. From reported evidences available, SLMs could serve as a good alternative and acceptable method for the controlled delivery of various drug candidates for therapeutic and diagnostic (theranostic) purposes.