Migrasomes are membrane-bound vesicles that form on the retraction fibers at the trailing edge of migrating cells and are deposited along the migration path upon the rupture of these fibers. As inherently signal-rich complexes enriched with diverse bioactive components, migrasomes not only mediate intercellular communication and microenvironmental regulation but also provide novel mechanisms and potential targets for understanding physiological and pathological processes. Although research on migrasome functions is still in its infancy, accumulating evidence suggests that they not only expand existing biological knowledge systems but also exhibit unique potential in elucidating disease mechanisms, developing diagnostic biomarkers, and exploring therapeutic targets. This review summarizes the discovery, biogenesis, biological functions, and methodological advances in migrasome research, with a particular focus on their emerging roles in disease. Additionally, we discuss prevailing challenges and future directions, concluding with a perspective on the clinical translation of migrasomes in diagnostics and therapeutics.