Artificial Neural Network is a Computer program Based on simulation of Neurons of human brain. During the past Statistical Methods like RSM (Response Surface Methodology). Other statistical methods are used for the development of Modified release formulations (Controlled Release & Sustained Release formulations). Due to draw backs of statistical methods another technique is Artificial Neural Network. ANN has an emerging field in the Development of Modified release formulations (CR & SR). This review article containing the optimized formulations of different modified release formulations by ANN and also Structure of Artificial Neural Network (ANN), different optimized formulations are developed by using ANN are discussed. ANN helps in emerging field in the optimization of pharmaceutical formulations. ANN are learning according to the different set of data given to the neural networks. The functioning of the Artificial Neural Network identified according to the given output data of the formulations. ANN is a very powerful tool in the Pharmaceutical industries, Academics, Research institutes to develop new formulations.