<p>Nanocarriers are an efficient drug delivery tool used for cancer treatment. Among various nanocarriers, polymeric micelles (PMs) have garnered attention in recent years due to their excellent properties, including improved solubility of insoluble drugs, enhanced targeting and accumulation of drugs at the cancer site, increased sensitivity of cancer cells to chemotherapeutic drugs, and prolonged circulation time. This review summarizes the preparation methods, characterization, advantages, and classification of PMs as drug delivery systems for oncology therapeutics. In particular, the self-assembly mechanisms of active ingredients into PMs, the anticancer activities of PMs associated with various cell death pathways, and the research cases of PMs as drug delivery vehicles in cancer therapy are described. Finally, this review summarizes the status of the clinical trials and real-world applications of PMs and briefly analyzes the reasons for the unsatisfactory commercialized states. This review supports further research on the role of PMs as nanocarriers in cancer therapy and adds insights for the successful clinical translation of PM-based products.</p>