Nonlamellar liquid crystalline phases are attractive platforms for drug solubilization and targeted delivery. The attractiveness of this formulation principle is linked to the nanostructural versatility, compatiblity, digestiblity and bioadhesive properties of their lipid constituents, and the capability of solubilizing and sustaining the release of amphiphilic, hydrophobic and hydrophilic drugs. Nonlamellar liquid crystalline phases offer two distinct promising strategies in the development of drug delivery systems. These comprise formation of ISAsomes (internally self-assembled ‘somes’ or particles) such as cubosomes and hexosomes, and in situ formation of parenteral dosage forms with tunable nanostructures at the site of administration. This review outlines the unique features of cubosomes and hexosomes and their potential utilization as promising platforms for drug delivery.