In this review, the use of air bubbles in the pharmaceutical and cosmetic formulations was discussed. The foam bubbles show different characteristics depending on the foaming agents and foam generating devices. The foam bubbles are generated in the form of dispersion of gas bubbles in a solvent. The assessment of stability and rheological properties of bubbles are the starting point for the formulation to be used. Pharmaceutical and cosmetic uses of bubbles are substantially growing, and the foam formulations of drugs can be used for rectal, vaginal, and dermal symptoms. The foam formulation is used in hair mousse, makeup foundation, and sunscreen cosmetics in basic cosmetics. Recently, a lot of studies and patents have been filed in stabilization of active ingredients and delivery of the active ingredient in terms of foam formulations. In the future, foam formulations are expected to be used as novel cosmeceutical formulations.