Vesicular delivery systems are a kind of drug delivery system that is gaining popularity due to its sustained release nature. This article was designed to understand the characteristics of a drug carrier called multivesicular liposomes, which have the potential to be the future of sustained-release drug delivery systems. Multivesicular liposomes have a honeycomb-like structure made up of non-concentric aqueous polyhedral compartments separated by continuous lipid membranes. Because of their unusual structure, they can encapsulate both hydrophilic and lipophilic pharmaceuticals and release them in a prolonged and controlled manner. They also have high encapsulation efficiency, bioavailability, biocompatibility, and stability, and are biodegradable by nature, making them suitable for treating chronic disorders. Encapsulating drugs into multivesicular liposomes is called DepoFoam® technology, which has the capability to release them in a timely manner, lowering the drug administration frequency. As a result, the FDA has approved several various approaches for this technology to treat chronic conditions. Multivesicular liposomes in the form of DepoFoam® technology hold a promising future as a novel drug delivery system. Much research needs to be done to extend their use across various aspects of the therapeutic field.