Micellar liquid chromatography (MLC) is an efficient alternative to conventional reversed–phase liquid chromatography with hydro‐organic mobile phases. Almost three decades of experience have resulted in an increasing production of analytical applications. Current concern about the environment also reveals MLC as an interesting technique for “green” chemistry because it uses mobile phases containing 90% or more water. These micellar mobile phases have a low toxicity and are not producing hazardous wastes. After a rapid overview of the two first decades of the technique, this review focuses on the recent advances on fundamental aspects and analytical applications. Traditional and new surfactants, search of new organic solvents as mobile phase modifiers, and the use of new columns are addressed. Surfactant‐bonded phase association, combination of diverse surfactant effects, interaction between organic solvents and micelles, and resolution performance are also considered. A special attention has been paid to the limited efficiency and weak elution strength, which are the main limitations usually pointed out in MLC. An effort has been made to clarify some wrong and sometimes unjustified ideas about MLC. The potential of this chromatographic mode is also shown for routine analytical procedures.