With environmental sustainability consistently garnering more popularity in the scientific community, the use of environmentally benign materials for diverse human activities has been adduced as a pragmatic strategy to stem the tide of negative anthropogenic-mediated consequences. Carrageenan is a class of biopolymers derived from marine red seaweed, with wide applications in foods, pharmacy, and biomedical fields. They are anionic, sulfated oligosaccharides with high water solubility, which imbue them with enormous advantages for their wide-ranging applications. In this write-up, sources and preparation of carrageenan, and physico-chemical/biological properties of carrageenan are discussed, after which their use in drug delivery therapeutics is elucidated. We have showcased carrageenan-based structures including hydrogels, microparticles, tablets, blends, etc., formulation, carrageenan applications in liposomes and emulsion formulation for the delivery of bioactive compounds, carrageenan-based nanoparticles fabrication delivery 474 of drugs, and carrageenan nanocomposites for therapeutic drug delivery. The latest information on the subject matter is aggregated to present a detailed and holistic range of knowledge on carrageenan application in drug delivery, while also highlighting the challenges and prospects of the subject matter.