Research on organic cages has blossomed over the past few years into a mature field of study which can contribute to solving some of the challenging problems. In this review we aim to showcase the recent trends in synthesis of organic cages including a brief discussion on their use in catalysis, gas sorption, host-guest chemistry and energy transfer. Among the organic cages, water-soluble analogues are a special class of compounds which have gained renewed attention in recent times. Due to their advantage of being compatible with water, such cages have the potential of showing biomimetic activities and can find use in drug delivery and also as hosts for catalysis in aqueous medium. Hence, the synthetic strategies for the formation of water-soluble organic cages shall be discussed along with their potential applications.