Propelled by the overuse and inappropriate use of antibiotics, antimicrobial resistance is now widespread in the environment, leaving us with limited drugs for treating a large number of resistant pathogens. The use of bacteriophages that kill bacteria has come up as a viable alternative to circumvent the antimicrobial resistance crisis, and phage therapy‐based approaches are fast advancing in recent times. In this minireview, we try to describe the advantages associated with phage therapy and update the latest developments in the field including the clinical trials that are underway. Particularly, we highlight the synergistic bactericidal effect of phages in the presence of sub‐lethal dose of antibiotics and the potency of lytic phages, and their hydrolytic enzymes in expunging pathogens from drug‐tolerant biofilms and animal farm produce. We also discuss how major challenges, including human immune response to phage components, development of bacterial resistance and elimination of intracellular pathogens, presented as potential setbacks to the implementation of phage therapy is being removed using engineered phages and novel formulations. © 2019 IUBMB Life, 2019