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The generation of supramolecular architectures with well-defined structures and functionalities is recently garnering attraction. Self-assemblage of amphiphilic polymers leads to the formation of polymeric micelles that demonstrate unique set of characteristics such as excellent biocompatibility, low toxicity, enhanced blood circulation time, and solubilization of poorly water-soluble drugs. In this article, we provide an up-to-date review on important aspects of polymeric micelles. Critical factors for solubilization of hydrophobic drugs in the micellar core are discussed. Polymeric micelles can be used as ‘smart’ drug carriers for targeting certain areas of the body. Here, we have especially emphasized on the recent developments in the targetability of certain tissues such as cancerous tissues using polymeric micelles. Different stimuli exploited for creating stimuli-sensitive micelles are discussed comprehensively. Application of polymeric micelles in the photodynamic therapy is also meticulously described. [ABSTRACT FROM PUBLISHER]