Several micronization processes based on supercritical fluids have been developed. These processes can be classified according to the role of the supercritical fluid in the process: solvent, solute or co-solvent, and anti-solvent. Application of supercritical fluids as alternative to traditional micronization methods and the growing demand of the industrial sector for new technologies motivated this review. In this context, the objective of this work was to present the operating principles of the micronization process by means of supercritical fluids and the effects of the main process variables on particles characteristics. The review continues with an update of current experimental data presented in the literature in the period from 2008 to 2012.