Anaerobic membrane bioreactor (AnMBR) technology is emerging as an alternative to conventional anaerobic treatment due to its complete biomass retention, short start-up time, high effluent quality, and small footprint. This paper provides a general overview of the application of AnMBRs for industrial and municipal wastewater treatment. The potential benefits of AnMBRs are discussed, such as the degradation of organic matter for energy production, the concentration of nutrients for subsequent reclamation, or the effective removal of organic contaminants for water reuse. To explore the technology for energy-neutral wastewater treatment, the recovery of methane, hydrogen, and ethanol is summarized, highlighting the problems of dissolution of methane in permeate and competition between sulfate-reducing bacteria and methanogens for organic matter. Recovery of water and nutrients for reuse, e.g., for algae production, is reported. Since membrane fouling remains a challenge in membrane operation and leads to increased operation and maintenance costs, methods to reduce fouling are highlighted. Future research prospects related to the application of AnMBR in resource recovery plants and fouling management are emphasized.