Biological control is a sustainable and ecologically effective method for bringing down pest population to an acceptable level. Implementing microbial biocontrol agents (MBCAs) to manage plant diseases necessitates the use of environmentally friendly practices that can increase global food production and guarantee the safety of food supply. Recent advancements in biotechnology have made it easier to find and characterize new beneficial microbes as well as to identify their genetic byproducts. These findings have made it possible to clone these microbes in plants in an effort to strengthen their resistance to biotic and abiotic stresses. The technological improvements have strengthened the symbiotic interaction between microbes and plants while also enabling the modification of the processes through which MBCAs exert their effects, ultimately enhancing their potential in managing plant diseases. The genome sequencing of MBCAs has yielded useful information about their genomes, which has helped to characterize them for efficiently. This article offers a thorough summary of the already existing and recent molecular advances used to increase the efficiency of MBCAs for managing plant diseases as well as to understand their biocontrol mechanisms through various omics technologies. These approaches are important for assuring food security and increasing agricultural outputs by minimizing yield loss due to plant diseases.