In this paper, an overview of recent advances of paclitaxel formulations based on nanosystems is provided. Paclitaxel is very effective in the treatment of various cancers especially ovarian and breast cancer, but it demonstrates poor aqueous solubility, which results in the difficulty challenging the development of paclitaxel parenteral formulations, so its clinical application is greatly restricted. The conventional paclitaxel formulation uses Cremophor EL and ethanol to solubilize paclitaxel, which could cause severe side effects. Nanotechnology has been widely exploited in the field of antitumor research, and paclitaxel is no exception. In recent decades, a series of novel formulations of paclitaxel based on nanotechnology have been developed, including albumin-bound paclitaxel, polymeric micelle-formulated paclitaxel, polymer-paclitaxel conjugates, liposome encapsulated paclitaxel etc. The common advantage shared with these novel injectable formulations is that they are developed based on nanotechnology and Cremophor EL-free. In addition, these nanoformulations can significantly reduce toxicities of paclitaxel and greatly promote its antitumor efficiency.