Natural and modified polysaccharides are promising vehicles for nano- and micro-encapsulation of active food ingredients. This article reviews the state of the art of carbohydrate-based delivery systems for utilization in the food, pharmaceutical and other industries. Initially, an overview of the different kinds of carbohydrates used to assemble delivery systems is given, including starch, cellulose, pectin, guar gum, chitosan, alginate, dextrin, cyclodextrins, new sources of native gums, and their combinations and chemically modified forms. Their molecular and physicochemical properties, functional performance, and advantages and disadvantages for encapsulation are given. Various approaches for fabrication of carbohydrate-based delivery systems are then discussed, including coacervation, spray drying, electrospinning, electrospray, supercritical fluid, emulsion-diffusion, reverse micelle, emulsion-droplet coalescence, emulsification/solvent evaporation, salting-out, ultrasonication and high pressure homogenization. The biological fate of carbohydrate nanocarriers during digestion, absorption, metabolism and excretion are discussed, and some notes about their bioavailability and potential toxicity are provided. Finally, the functional performances of different carbohydrate-based delivery systems are discussed, and future developments are highlighted.