In contrast to the conventional ocular formulations, the contact lenses arewell known for their diverse ocular applications ranging from bio-sensing, myopia prevention, cosmetic, and drug delivery.With a tremendous change in the lifestyle, contact lenses for therapeutic purposes have increased several folds. The contact lens as a medicated lens suffers from several disadvantages, and to overcome the same numerous approaches have been explored. Researches worldwide have come a long way from cyclodextrin and vitamin E-based modified contact lens to bioinspired approach to enhance the effectiveness of the drug-eluting contact lens. The bioinspired approach exploits bioinspired polymer systems to enhance biocompatibility, specific molecule recognition technique by molecular imprinting, or stimuli-responsive system to improve the biocompatibility, drug loading, and drug delivery efficacy of the drug-eluting contact lens. Moreover, recent innovations in ocular therapeutics such as nanowafers and microneedle contact lens like ocular patch have gained tremendous attention in ocular therapeutics. Another potential application of the contact lens is a smart contact lens in the biosensing and diagnosing various ocular disorders. The review summarizes and discusses the widespread therapeutic applications of next-generation contact lens and various fabrication approaches, including its clinical implications, efforts taken by researchers worldwide in exploring the novel materials and diverse forms of the lens, mechanisms of drug release, clinical trials, and its toxicity and safety concerns.