Conventional ocular drug delivery systems face challenges like rapid clearance, high dosages, low compliance, and poor bioavailability. A novel solution utilizes mucoadhesive polymers for controlled release, enhancing drug effectiveness while reducing dosages and frequency. Polymeric micelles, nanosized colloidal DDS, are set to modify drug delivery for challenging drugs mainly belonging to Biopharmaceutical Classification System class II (low solubility and high permeability), class III (high solubility and low permeability), and class IV (low solubility and low permeability). Micelles solubilize poorly soluble drugs, shielding them from degradation and macrophage uptake and extending drug action. Their small size enables them to breach ocular barriers, elevating therapeutic impact and bioavailability. This review explores polymeric micelles' potential in ocular drug delivery, covering their introduction, formulation, preparation, characterization, applications, recent progress, and challenges through critical analysis of all possible research communications so far. The review also scrutinizes the transition from lab to clinical use. Polymeric micelles revolutionize ocular drug delivery by surmounting limitations through enhanced solubilization, protection, and sustained release. This comprehensive review highlights their potential to improve ocular drug delivery practices.