Since reservoirs perform many important functions, they are exposed to various types of unfavorable phenomena, e.g., eutrophication which leads to a rapid growth of algae (blooms) that degrade water quality. One of the solutions to combat phytoplankton blooms are effective microorganisms (EM). The study aims to evaluate the potential of EM in improving the water quality of the Turawa reservoir on the Mała Panew River in Poland. It is one of the first studies providing insights into the effectiveness of using EM in the bioremediation of water in a eutrophic reservoir. Samples for the study were collected in 2019–2021. The analysis showed that EM could be one of the most effective methods for cleaning water from unfavorable microorganisms (HBN22, HBN36, CBN, FCBN, FEN) — after the application of EM, a reduction in their concentration was observed (from 46.44 to 58.38% on average). The duration of their effect ranged from 17.6 to 34.1 days. The application of EM improved the trophic status of the Turawa reservoir, expressed by the Carlson index, by 7.78%. As shown in the literature review, the use of other methods of water purification (e.g., constructed wetlands, floating beds, or intermittent aeration) leads to an increase in the effectiveness and a prolongation of the duration of the EM action. The findings of the study might serve as a guide for the restoration of eutrophic reservoirs by supporting sustainable management of water resources. Nevertheless, further research should be conducted on the effectiveness of EM and their application in the remediation of eutrophic water reservoirs.