Numerous synthetic polymers have been investigated to be used in nanomedicine over the past few decades, particularly in drug delivery systems. Necessitating properties including non-toxic, biodegradable, and biocompatible. Among these, polylactic-co-glycolic acid (PLGA) which stands out due to its complete biodegradability and ability to self-assemble into nanometric micelles. However, their large diameter (150–200 nm), poor stability in aqueous media, and their removal from the bloodstream by the liver and spleen hindering the in vivo treatments. Polyethylene glycol (PEG) is the most widely used polymer in drug delivery systems, and the first PEGylated product has been on the market for over 20 years. PEG has a stealth behavior; therefore, it will not be recognized by the immune system. Further, PEG is hydrophilic polymer that could stabilize nanoparticles through steric rather than ionic effects. In this review article, the important of utilizing PLGA-PEG nanoparticles as polymeric drug carriers has been revised and the advantages of employing PLGA-PEG copolymer to form stable and well-defined, nanoparticles for drug delivery applications have been summarized. Moreover, the review aimed to shed light on the various methods employed in their preparation. Additionally, recent advancements in PLGA-PEG copolymer preparations for anti-cancer and anti-inflammatory therapies, are discussed in detail. The other applications of PGA-PEG have been extensively reviewed in other publications. Therefore, it was not addressed in this review.