Regulatory agencies and the pharmaceutical industry are currently focusing on the use of Quality by Design (QbD) in the creation of Pharmaceutical products. In its recommendations for the industry, the International Conference on Harmonization and the United States Food and Drug Administration (USFDA) underlined the QbD principles and applications in Pharmaceutical Development. The USFDA established a question-based review process for the chemical, manufacturing, and controls component of abbreviated new drug applications that addresses QbD qualities. When QbD principles are applied, effective product development, rapid regulatory approval, a reduced burden from extensive validation, and a considerable decrease in post-approval adjustments result. To comprehend the performance of dosage forms within design space, the major components of Quality by design—namely, the goal product quality profile, crucial quality attributes, risk assessments, design space, control strategy, product lifecycle management, and ongoing improvement—are examined. Additionally mentioned are the design of experiments, risk assessment techniques, and process analytical technologies. The significance of QbD in fostering a science-based approach in Pharmaceutical Product Development is highlighted by this review.