Liquid marbles are versatile structures demonstrating a pseudo-Leidenfrost wetting regime formed by encapsulating microscale volumes of liquid in a particle shell. The liquid core is completely separated from the exterior through air pockets. The external phase consists of hydrophobic particles, in most cases, or hydrophilic ones distributed as aggregates. Their interesting features arise from the double solid-fluid character. Thus, these interesting formations, also known as “dry waters”, have gained attention in surface science. This review paper summarizes a series of proposed formulations, fabrication techniques and properties, in correlation with already discovered and emerging applications. A short general review of the surface properties of powders (contact angle, superficial tension) is proposed, followed by a presentation of liquid marbles’ properties (superficial characteristics, elasticity, self-propulsion etc.). Finally, applications of liquid marbles are discussed, mainly as helpful and yet to be exploited structures in the pharmaceutical and medical field. Innovative pharmaceutical forms (Pickering emulsions) are also means of use taken into account as applications which need further investigation.