Two options, in regard to applying microbial fuel cells (MFCs) in water treatment, are under discussion, namely the conversion of the chemical energy of organic substrates to electricity, as well as the use their potential to reduce different species, such as the ionic form of copper (Cu2+ converted to metal copper) and iron (Fe3+ converted to Fe2+). The high reduction potential of Cu2+ and Fe3+ makes the processes of electricity production and metal reduction, to be performed simultaneously in MFC, achievable. The electrical yield measurement during the experiments of anodic organic matter degradation by MFC in treating an artificial wastewater with chemical oxygen demand (COD) 0.6 and 1.6 g O2·dm−3, as initial COD, are given. It is demonstrated that the higher organic load is associated with better electrical yield. A comparison of MFC and conventional anaerobic digestion performance is discussed, as well. Experimental proofs of copper removal and phosphate mobilization, following the iron reduction of FePO4, are also reported.