Using micro-sized channels to manipulate fluids is the essence of microfluidics which has wide applications from analytical chemistry to material science and cell biology research. Recently, using microfluidic-based devices for pharmaceutical research, in particular for the fabrication of micro- and nano-particles, has emerged as a new area of interest. The particles that can be prepared by microfluidic devices can range from micron size droplet-based emulsions to nano-sized drug loaded polymeric particles. Microfluidic technology poses unique advantages in terms of the high precision of the mixing regimes and control of fluids involved in formulation preparation. As a result of this, monodispersity of the particles prepared by microfluidics is often recognised as being a particularly advantageous feature in comparison to those prepared by conventional large-scale mixing methods. However, there is a range of practical drawbacks and challenges of using microfluidics as a direct micron- and nano-particle manufacturing method. Technological advances are still required before this type of processing can be translated for application by the pharmaceutical industry. This review focuses specifically on the application of microfluidics for pharmaceutical solid nanoparticle preparation and discusses the theoretical foundation of using the nanoprecipitation principle to generate particles and how this is translated into microfluidic design and operation.