Molecularly Imprinted Polymers (MIPs) which consist of sites of specific molecular arrangement into an otherwise uniformpolymericmatrix are highly capable of SpecificMolecular Recognition (SMR). SMR is a fundamental requirement of living systems on which some of the most diverse and important biological functions rely. Due to this capability these polymers have found extensive applications in various fields such as chemical separations, biosensing, analytical chemistry, drug discovery and drug delivery. Initially the brief historical landmarks in the development of these MIPs along with a few methods of their synthesis have been reviewed. Further, the characteristics ofMIPs, which make them promising tools for drug delivery systems, have been discussed. Different approaches for the design of drug delivery systems along with examples of some established embodiments such as the delivery of Timolol through contact lenses made from MIP hydrogels have been cited. Finally exciting future prospects such as Âintelligent drug releaseÂ and Âmagic bulletÂ drug targeting have been discussed along with a possibility of development of drug delivery systems to combat dreaded diseases like diabetes and cancer.