Arsenic contamination in water is a worldwide problem. It is spreading in the environment as a result of numerous natural and anthropogenic sources having a massive influence on health of human and ecological systems. In order to mitigate this problem, there are various conventional technologies available for the removal of arsenic like oxidation, coagulation and flocculation, ion exchange, and membrane processes. However, there are various limitations associated with these techniques such as high cost and generation of toxic byproducts due to which attention has been paid to biosorption in the past few years, as it is an eco‐friendly as well as cost‐effective technique. Arsenic biosorption by various low‐cost adsorbents and biosorbents such as activated carbons, algae, submerged plants, bacteria, fungi, plant, and fruit wastes have been surveyed and critically reviewed in this paper along with their sorption efficiencies. Furthermore, the nonlinear models of adsorption dynamics and thermodynamic feasibility of arsenic biosorption together with detailed analysis of biological mechanisms of arsenic ion uptake by bacteria, fungi and algae has been discussed in detail in the present work. Alternatives of disposal of arsenic loaded sludge obtained after the biosorption of arsenic has also been addressed.