Wastewater and activated sludge present a major challenge worldwide. Wastewater generated from large and small-scale industries, laundries, human residential areas and other sources is emerging as a main problem in sanitation and maintenance of smart/green cities. During the last decade, different technologies and processes have been developed to recycle and purify the wastewater. Currently, identification and fundamental consid- eration of development of more advanced microbial-based technologies that enable wastewater treatment and simultaneous resource recovery to produce bioenergy, biofuels and other value-added compounds (organic acids, fatty acids, bioplastics, bio-pesticides, bio-surfactants and bio-flocculants etc.) became an emerging topic. In the last several decades, significant development of bioprocesses and techniques for the extraction and recovery of mentioned valuable molecules and compounds from wastewater, waste biomass or sludge has been made. This review presents different microbial-based process routes related to resource recovery and wastewater application for the production of value-added products and bioenergy. Current process limitations and insights for future research to promote more efficient and sustainable routes for this under-utilized and continually growing waste stream are also discussed.