Municipal wastewater treatment has long been known as a high-cost and energy-intensive process that destroys most of the energy-containing molecules by spending energy and that leaves little energy and few nutrients available for reuse. Over the past few years, some wastewater treatment plants have tried to revamp themselves as “resource factories,” enabled by new technologies and the upgrading of old technologies. In particular, there is an renewed interest in anaerobic biotechnologies, which can convert organic matter into usable energy and preserve nutrients for potential reuse. However, considerable technological and economic limitations still exist. Here, we provide an overview of recent advances in several cutting-edge anaerobic biotechnologies for wastewater treatment, including enhanced side-stream anaerobic sludge digestion, anaerobic membrane bioreactors, and microbial electrochemical systems, and discuss future challenges and opportunities for their applications. This review is intended to provide useful information to guide the future design and optimization of municipal wastewater treatment processes.