Few centuries since their first description and several decades after identification of their role in oxygen delivery, now, erythrocytes or red blood cells (RBCs) are among the most widely studied cellular drug carriers. Since the initial burst of interests in this novel drug delivery system more than three decades ago, followed by continuous efforts of several groups worldwide to address intrinsic drawbacks of this promising cellular carrier, and, therefore, the huge body of reports and publications on “Carrier Erythrocytes” or “Resealed Erythrocytes”, they are currently in promising stage of long history andr development. In this comprehensive article, the history of erythrocyte and carrier erythrocytes, some biological aspects, methods of preparation, in vitro and in vivo characteristics, delivery strategies, diagnostic and therapeutic applications (including clinical studies), and new generations of carrier erythrocytes is reviewed in details.