Solid lipid nanoparticles (SLN) have been reported to be an alternative system to emulsions, liposomes, microparticles and their polymeric counterparts for various application routes since the early 1990s due to their advantages. Solid lipid nanoparticles colloidal drug carrier system gained a lot of popularity among researcher as colloidal drug carriers for incorporating hydrophilic or lipophilic drugs. Solid lipid nanoparticles are the rapidly developing field of nanotechnology with several potential applications in drug delivery, clinical medicine and research, as well as in other varied sciences. Due to their unique size-dependent properties, lipid nanoparticles offer the possibility to develop new therapeutics. The present review focuses on the utility of SLN in terms of their introduction, advantages, disadvantages, general ingredients used, production methodology, characterization and current applications.