Reversed micelle solvents represent nanometer-sized aqueous droplets stabilized by surfactants inside the bulk organic solvents. The aqueous cores can host various hydrophilic solutes, including bioactive substances thus revealing a challenge to the biotechnology's needs of the safe media for bioseparations and bioconversions. This review discusses the structure and the properties of reversed micelle solvents in view of the parameters that can be easily operated in technology to achieve safe liquid-liquid extraction of proteins/enzymes or bioconversion of hydrophobic substrates. The paper highlights the importance of how the reversed micelle microenvironment should be arranged with respect to the preservation of the activity of the enzyme as target product or biocatalyst. The main aspects are demonstrated with own experimental results on alpha-amylase purification and lipase-catalyzed esterification using cationic reversed micelle solvents. The trials of performing continuous processes involving reversed micellar separation and reaction media are also reviewed and the current problems are addressed.