Microcystins are secondary metabolites produced by some cyanobacteria, a class of cyclic heptapeptide toxins that are stable in the environment. Microcystins can create a variety of adverse health effects in humans, animals, and plants through contaminated water. Effective methods to degrade them are required. Microorganisms are considered to be a promising method to degrade microcystins due to their high efficiency, low cost, and environmental friendliness. This review focuses on perspectives on the frontiers of microcystin biodegradation. It has been reported that bacteria and fungi play an important contribution to degradation. Analysis of the biodegradation mechanism and pathway is an important part of the research. Microcystin biodegradation has been extensively studied in the existing research. This review provides an overview of (1) pollution assessment strategies and hazards of microcystins in water bodies and (2) the important contributions of various bacteria and fungi in the biodegradation of microcystins and their degradation mechanisms, including mlr gene-induced (gene cluster expressing microcystinase) degradation. The application of biodegradable technology still needs development. Further, a robust regulatory oversight is required to monitor and minimize MC contamination. This review aims to provide more references regarding the detection and removal of microcystins in aqueous environments and to promote the application of biodegradation techniques for the purification of microcystin-contaminated water.