In the era of the Anthropocene, environmental change is accelerating biodiversity loss across ecosystems on Earth, among which freshwaters are likely the most threatened. Different biodiversity facets in the freshwater realm suffer from various environmental changes that jeopardize the ecosystem functions and services important for humankind. In this work we examine how environmental changes (e.g., climate change, eutrophication, or invasive species) affect trait-based, functional, and phylogenetic diversity of biological communities. We first developed a simple conceptual model of the possible relationships between environmental change and these three diversity facets in freshwaters and, secondly, systematically reviewed articles where these relationships had been investigated in different freshwater ecosystems. Finally, we highlighted research gaps from the perspectives of organisms, ecosystems, stressors, and geographical locations. Our conceptual model suggested that both natural factors and global change operating at various spatial scales influence freshwater community structure and ecosystem functioning. The relationships between biodiversity and environmental change depend on geographical region, organism group, spatial scale, and environmental change gradient length. The systematic review revealed that environmental change impacts biodiversity patterns in freshwaters, but there is no single type of biodiversity response to the observed global changes. Natural stressors had different, even contradictory, effects (i.e., multiple, negative, and positive) on biodiversity compared with anthropogenic stressors. Anthropogenic stressors more often decreased biodiversity, although eutrophication and climate change affected freshwater ecosystems in a complex, more multi-dimensional way. The research gaps we identified were related, for example, to the low number of community-based biodiversity studies, the lack of information on true phylogenies for all freshwater organism groups, the missing evaluations whether species traits are phylogenetically conserved, and the geographical biases in research (i.e., absence of studies from Africa, Southern Asia, and Russia). We hope that our review will stimulate more research on the less well-known facets and topics of biodiversity loss in highly vulnerable freshwater ecosystems.