Because of their unique ordered structures, block copolymers (BCPs) are known to form a broad range of morphologies (e.g., cylinders, vesicles, spheres, and lamellae). These types of assemblies can be utilized for various potential and practical applications in numerous fields including nanotechnology. This review addresses classification of different BCPs based on polymeric moieties and arrangement of polymer chains present in their structure. Physicochemical characteristics of BCP micelles in aqueous media are also discussed along with the beneficial features of BCP self assembly in the generation of nanostructures. Potential applications of BCP-drug conjugates have also been described with numerous case studies. In addition, successful implementation of BCP self-assembly in modern age research of nanoporous ultrafiltration membrane, nanolithography, functionalized nanomaterial preparation has been overviewed with mechanistic details. Finally, we offer a brief perspective on the future opportunities of BCPs in diverse research fields.