Phakic intraocular lenses (IOLs) have been used since the late 1980s to correct refractive errors as an alternative to LASIK. There are three main types - anterior chamber angle supported, anterior chamber iris fixated, and posterior chamber IOLs. They are indicated for high myopia, hyperopia, or astigmatism when LASIK is contraindicated. Risks include endothelial cell loss, inflammation, glaucoma, and cataract formation. Recent advances include toric models, foldable designs, and potential future options like ultrathin or responsive "smart" lenses. Phakic IOLs can provide stable correction of a wide range of refractive errors while retaining accommodation.