Micro–nanobubbles (MNBs) can generate ·OH in situ, which provides a new idea for the safe and efficient removal of pollutants in water supply systems. However, due to the difficulty in obtaining stable MNBs, the generation efficiency of ·OH is low, and the removal efficiency of pollutants cannot be guaranteed. This paper reviews the application research of MNB technology in water security from three aspects: the generation process of MNBs in water, the generation rule of ·OH during MNB collapse, and the control mechanisms of MNBs on pollutants and biofilms. We found that MNB generation methods are divided into chemical and mechanical (about 10 kinds) categories, and the instability of the bubble size restricts the application of MNB technology. The generation of ·OH by MNBs is affected by the pH, gas source, bubble size, temperature, and external stimulation. And the pH and external stimulus have more influence on ·OH generation in situ than the other factors. Adjusting the pH to alkaline or acidic conditions and selecting ozone or oxygen as the gas source can promote ·OH generation. MNB collapse also releases a large amount of energy, during which the temperature and pressure can reach 3000 K and 5 Gpa, respectively, making it efficient to remove ≈90% of pollutants (i.e., trichloroethylene, benzene, and chlorobenzene). The biofilm can also be removed by physical, chemical, and thermal effects. MNB technology also has great application potential in drinking water, which can be applied to improve water quality, optimize household water purifiers, and enhance the taste of bottled water. Under the premise of safety, after letting people of different ages taste water samples, we found that compared with ordinary drinking water, 85.7% of people think MNB water is softer, and 73.3% of people think MNB water is sweeter. This further proves that MNB water has a great prospect in drinking water applications. This review provides innovative theoretical support for solving the problem of drinking water safety.