The increasing population density and industrialization are adversely affecting the environment globally. The contamination of the soil, agricultural lands, and water bodies with petroleum wastes and other hydrocarbon pollutants has become a serious environmental concern as perceived by the impacts on the aquatic and marine ecosystem. Various investigations have provided novel insights into the significant roles of microbial activities in the cleanup of hydrocarbon contaminants. However, the burden of these pollutants is expected to increase many folds in the next decade. Therefore, it is necessary to investigate and develop low-cost technologies rapidly, focusing on eco-sustainable development. An understanding of the details of biodegradation mechanisms paves the way for enhancing the efficiency of bioremediation technology. The current article reviews the applicability of various bioremediation processes, biodegradation pathways, and treatments, and the role of microbial activities in achieving efficient eco-sustainable bioremediation of hydrocarbon pollutants. It is envisaged that an integrated bioremediation approach, including biostimulation and bioaugmentation is preferably advocated for the cost-effective removal of toxic petroleum hydrocarbons and their derivatives.