Phytoremediation is a technology based on the use of green plants to remove, relocate, deactivate, or destroy harmful environmental pollutants such as heavy metals, radionuclides, hydrocarbons, and pharmaceuticals. Under the general term of phytoremediation, several processes with distinctively different mechanisms of action are hidden. In this paper, the most popular modes of phytoremediation are described and discussed. A broad but concise review of available literature research with respect to the dominant process mechanism is provided. Moreover, methods of plant biomass utilization after harvesting, with particular regard to possibilities of “bio-ore” processing for metal recovery, or using energy crops as a valuable source for bio-energy production (bio-gas, bio-ethanol, bio-oil) are analyzed. Additionally, obstacles hindering the commercialization of phytoremediation are presented and discussed together with an indication of future research trends.