This feature article provides a review of recent work on the synthesis of biopolymer-shelled microbubbles using various techniques with a particular focus on ultrasonic methodology that offers advantages over other conventional methods for tuning their physical and functional properties. A detailed discussion on the role of surface chemistry in fabricating functional lysozyme-shelled microbubbles has also been presented. Highlights on the applications of lysozyme-shelled microbubbles, particularly recent findings on their use for potential theranostic applications in lung diseases, have also been presented.