Abstract <p>Solubility parameters have long been utilized in the pharmaceutical industry though their application extends to other industries as well. Therefore, it has become a pivotal area in the research. This communication is a review of the applications of solubility parameters in pharmaceutical applications. In addition, A thorough description of the experimental and computational approaches—from conventional to modern—used to ascertain solubility parameters is also provided. Solubility parameters are primarily used to help choose suitable organic solvents or solvent blends, coformers for cocrystals, excipients, polymers, formulations containing lipids, solid dispersions, and drug delivery systems involving nanoparticles or microparticles. Interestingly, partial solubility parameters are thought to be very helpful for developing a drug delivery system for weakly soluble compounds, especially in the early phases of development when resources and compound obtainability are limited. Although the experimental find outs of solubility parameters can be time-consuming, it offers significant value, as the resulting data contribute to the ongoing enhancement of computational predictions. These advancements ensure that solubility parameters will continue to be an essential tool for scientists in identifying effective drug formulations in the future.</p>