Over the decades the presence of aquatic weeds has caused immense biodiversity loss to the ecosystem. The use of herbicides has arisen emergence of herbicide-resistant weeds and loss of inherent flora and fauna due to the recalcitrant nature of the chemicals used. Hence, there is a need to use nontoxic, ecosustainable, low-cost, and efficient biological molecules that are analogous to chemical herbicides. Various plants, bacteria, fungi as well a few viruses are reported to secrete allelopathic biomolecules that inhibit the growth and development of weeds. However, majorly fungal pathogens and their metabolites are found to be effective biocontrol agents for the water hyacinth. The present review puts forward major findings and interventions in the biological control of the weed, water hyacinth. The biosynthesis, mechanism of action and factors regulating the activity of bioherbicides are discussed. In addition, the issues associated with the in situ application of these bioherbicides are also conferred focusing on the available mode of applications and formulation used. The major factors include the type and concentration of allelopathic biomolecules, age, type, and morphology of targeted weed, formulation type, mode of application and other physiological and environmental factors. Among various modes for the application of bioherbicides, emulsions are found to be most effective for the control of water hyacinth. Most of the toxicity studies indicated no toxicity of this fungal pathogen to other ecological plant species except water hyacinth. Yet, in-depth investigations are needed of these allelochemicals and toxins before field applications. Overall, lab-scale studies have shown promising results and highlighted a few potential fungi that need to be further explored for optimizing their bioherbicidal activity.