Pharmaceutical invention and research are increasingly focusing on delivery systems which enhance desirable therapeutic objectives while minimizing side effects. Recent trends indicate that multiparticulate drug delivery systems are especially suitable for achieving sustained or delayed release oral formulations with low risk of dose dumping, flexibility of blending to attain different release patterns as well as reproducible and short gastric residence time. One of the approaches toward this goal is to develop the floating multiparticulates so as to increase the gastric retention time. Such systems have more advantages over the single-unit dosage forms. The development of floating multiparticulates involves different solvent evaporation techniques to create the hollow inner core. In this review, the current status of floating multiparticulate drug delivery systems including hollow microspheres (micro balloons), low density floating micro pellets and floating micro beads (acrylic resin based), microcapsules etc, their evaluation parameter, advantages, application, limitation and future potential for oral sustained release drug delivery are discussed.