Recent years have brought significant evolution and changes in wastewater treatment systems. New solutions are sought to improve treatment efficiency, reduce investment/operational costs, and comply with the principles of circular economy and zero waste. Microbial granules can serve as an alternative to conventional technologies. Indeed, there has been fast-growing interest in methods harnessing aerobic (AGS) and anaerobic (AnGS) granular sludge as well as microbial-bacterial granules (MBGS), as evidenced by the number of studies on the subject and commercial installations developed. The present paper identifies the strengths and weaknesses of wastewater treatment systems based on granular sludge (GS) and their potential for energy production, with a particular focus on establishing the R&D activities required for further advance of these technologies. In particular, the impact of granules on bioenergy conversion, including bio-oil recovery efficiency and biomethane/biohydrogen yields, and bioelectrochemical systems must be assessed and optimized.