The requirements for treated wastewater are becoming increasingly more stringent, and therefore the improved efficiency of biological treatment processes is indispensable at industrial effluent treatment plants (ETPs). Microorganisms such as bacteria play an important role in the natural cycling of materials and particularly in the decomposition of organic wastes. The knowledge of the interactions among these microbial populations needs to be harnessed for optimum evaluation and functioning of effluent treatment plants. Modern molecular techniques have revolutionized the methods of assessing these microbial populations. The combination of the results of these microbial assessments along with the on-site parameters at ETPs would favor an efficient treatment. In this review, the various approaches and importance of correlating the microbial population dynamics and treatment of wastewater at industrial ETPs has been elaborated.