Natural deep eutectic solvents (NADES) have emerged as a green, sustainable alternative to conventional organic solvents due to their biocompatibility and non-toxicity. This review highlights the composition and structural diversity of NADES. The various techniques of NADES preparation are discussed, along with the critical factors that influence their stability and functionality. A wide range of NADES applications was discussed, such as their role in the extraction of bioactive compounds, food analysis, biocatalysis, and cryoprotection. Additionally, the review examines the potential applications of NADES in pharmaceutical and biomedical sciences, including their role in drug delivery, burn injury management, and wound treatment. Despite these potentials, there are certain limitations of NADES, such as high viscosity and difficulty in product recovery. Thus, there is a need for a standardized methodology to understand NADES interactions at the molecular level and to develop cost-effective commercial processes for product recovery.