This document provides an overview of microemulsions including their historical background, definition, composition, advantages, types, preparation methods, applications, and factors that affect formation. Microemulsions are homogeneous, thermodynamically stable dispersions of oil and water stabilized by a surfactant and co-surfactant. They have advantages over traditional emulsions such as improved drug solubilization, long shelf life, and increased drug absorption. Common preparation methods are phase titration and phase inversion. Microemulsions can be used to deliver both hydrophilic and lipophilic drugs.