Examples of reactions and physicochemical processes influenced by preferential solvation run in binary liquid solvent mixtures have been reviewed. The catalytic role of solutions of inorganic salts has been discussed. Different methods of classification of pure solvents and binary solvent mixtures have been presented. We have also discussed studies on the preferential solvation of neutral and ionic species.The nature of influence of organic solvents on the surface charge density of silica, solubilities of different organic compounds in binary liquid mixtures, permeation of mixtures of solvents through ceramic membranes, production of polymer nanoparticles by the solvent-displacement method have been discussed. Also examples of different physicochemical studies undertaken to characterize properties and nature of intermolecular interactions in binary solvent mixtures are presented.