Currently, there is a growing demand for water treatment technologies considering the global environmental challenges such as degradation and depletion of water resources. Micro and Nanobubbles (MNBs) technology and its application for wastewater treatment emerged as a problem-solving alternative for such challenges. This paper reviews the important studies on water treatment in the areas of MNBs and discusses their fundamental properties, such as bubbles stability (as tiny entities in water solutions), generation methods, and various chemical and physical features. The paper further overviews the current status of MNB application in water treatment processes such as floatation, aeration, and disinfection and its uses in various sectors, including agriculture, aquaculture, medical, and industry. Based on this review, studies regarding the MNBs' basic properties, generation, and application are identified and recognized for future research. This study concludes that despite the promising role of MNB in the water-related application, the current status of research has not reached its true potential. Specifically, there is a need to enhance the MNBs application at a broader scale.