Wastewater treatment is a high-cost and energy-intensive process not only due to large amounts of pollutants but also for the large volumes of water to be treated, which are mainly generated by human activities and different industries. In this regard, biological wastewater treatments have become substitutes to the current technologies, owing to the improved treatment efficiency and added value. Microbial fuel cells (MFCs) as one of the promising biological treatments have arisen as a viable solution for chemical oxygen demand (COD) removal and electricity generation simultaneously. Therefore, in this article, the effects of various operating conditions on the COD removal and power production from MFCs are thoroughly discussed. In addition, the advantages and weaknesses of current MFCs technologies used for different types of wastewater are summarized. Finally, the technical barriers facing by MFCs operation and the economic feasibility of using MFCs for wastewater treatment are provided.