Recent studies emphasize that achieving therapeutic efficacy and economic viability requires more than just discovering and developing novel drugs. Modified versions of existing drugs are increasingly crucial. Two major challenges hindering new product development are the low bioavailability and poor water solubility of active pharmaceutical ingredients (APIs). Co-crystallization with pharmaceutically acceptable molecules offers a solution without altering the pharmacological activity of the API but improving its physical properties such as solubility, stability, and dissolution rate. Co-crystals, particularly, enable the creation of innovative drugs with enhanced solubility, thereby improving treatment efficacy and safety. Thermodynamic stability is critical in the co-crystal formation process, achieved through techniques like grinding, spray drying, solvent evaporation, and ultrasound-assisted solutions. Methods such as co-crystallization, hot melt extrusion, and supercritical fluid atomization contribute to co-crystal production. This review provides an in-depth exploration of co-crystals, covering formation techniques, properties (solubility, tabletability, melting point, stability, bioavailability, permeability), and pharmacological applications.