The formulation for ocular drug delivery is always a challenging and tedious task for formulation scientist due to the presence of dynamic and static ocular barriers in the eye.Conventional ocular drug delivery includes topical eye drop which is one of the most suited and patient compliant prepared pharmaceutical products, intravitreal injection is another preferred route of administration. An ideal ophthalmic preparation must have good corneal penetration for maximum drug absorption to prolong contact time with ocular tissue and increase the bioavailability of the drug. Tear film along with cornea and conjunctiva and blood retinal barriers are major challenges discussed for anterior and posterior region. Novel approaches like nanoparticles, nano micelles, dendrimer, liposomes, and microneedle are studied for treatment of anterior and posterior disorders. In situ gels, iontophoresis, ocular implants, medicated contact lenses are pioneering inventions for sustained and controlled drug release along with their recent advancements and current innovations including use of microbots and 3D printing technology for treatment and diagnostic purposes are also discussed in this article. This review focuses on recent advancement of novel approaches and current innovation in ocular drug delivery technology.