Bioelectricity production involves generation of electricity by anaerobic digestion of organic substrates by microbes. A microbial fuel cell (MFC) is a device that converts chemical energy released as a result of oxidation of complex organic carbon sources which are utilized as substrates by micro-organisms to produce electrical energy thereby proving to be an efficient means of sustainable energy production. The electrons released due to the microbial metabolism are captured to maintain a constant power density, without an effective carbon emission in the ecosystem. The various parameters involved in MFC technology toward power generation include maximum power density, coulombic efficiencies and sometimes chemical oxygen demand removal rate which evaluates the effectiveness of the device. Application of microbes toward bioremediation at the same time resulting in generation of electricity makes MFC technology a highly advantageous proposition which can be applied in various sectors of industrial, municipal and agricultural Waste Management. Although the efficiency of MFCs in power generation initially was low, recent modifications in the design, components and working have enhanced the power output to a significant level thereby enabling application of MFCs in various fields including wastewater treatment, biosensors and bioremediation. The following review provides an outline about the components involved, working, modifications and applications of MFC technology for various research and industrial objectives. © 2016 Informa UK Limited, trading as Taylor & Francis Group.