Recently, culturing of bioflocculants has attracted tremendous attention because of its extraordinary flocculating activity and biodegradability to create a green and healthy environment. It becomes a pressing issue to produce novel, cost effective bioflocculants from renewable sources. These bioflocculants store sufficient amount of carbohydrates and lipids in their cell walls that results in a number of environmental applications such as wastewater treatment, biofuels production and CO₂ sequestration. It is generally felt that the use of bioflocculants for energy security and its practicality are still doubtful. The present review describes the production and characterization of bioflocculants as well as their significant applications in diverse fields including treatment of water and wastewater(s). These bioflocculants not only act as alternatives to clarifying agents but also figure in innovative dairy, food and industrial applications. In the coming years, productions of bioflocculants from renewable sources are expected to open up new ways for their applications.