Cyclodextrin-based nanosponges (CD NSs) have emerged as an innovative class of nanoscale delivery systems with significant relevance in modern nanotechnology and nanomedicine. Their unique three-dimensional, hyper-crosslinked architecture enables the formation of stable, porous networks capable of encapsulating a wide spectrum of therapeutic molecules. Functional tunability, high inclusion capacity, and strong bioadhesive characteristics contribute to their versatility in improving drug solubility, stability, targeted delivery, and bioavailability. CD NSs also support multiple routes of administration, including oral, topical, and parenteral pathways, broadening their applicability across pharmaceutical formulations. This review provides an in-depth examination of the synthesis strategies, structural attributes, and physicochemical properties of cyclodextrin nanosponges, along with their expanding roles in therapeutic delivery. The discussion highlights recent advances, underlying mechanisms, and emerging multidisciplinary applications that position CD NSs as promising platforms for next-generation drug delivery technologies.