The water bodies, mainly coastal and lake, remain tainted worldwide, mostly because of the Cyanobacteria harbored in Harmful Algal Blooms (HABs). The main reason for the flourishing of blooms depends on the eutrophication. Blooms could be toxic as well as non-toxic, depending on the bloom-forming species. The blooms affect the water body, aquatic ecosystem and also dependents like human. A large number of organisms, including bacteria, viruses, fungi, fish and zooplankton have adverse effects on Cyanobacteria either through infection, predation or by the production of the algicidal compounds. It was reported, these microorganisms have species-specific interactions and hence differ in their interaction mechanism. The present review emphasises on the role of selected microbial species and the mechanism they follow for mitigation of HABs. Generally lab-scale entities were reported to involve lytic agents, like cyanobacteriolytic substances, released by bacteria. Cyanobacterial species release Cyanotoxins which may affect the water quality. Growing biotic factors in a large quantity and discharging it into the water-body needs excessive efficacy and economic requisite and hence the feasibility of extrapolation of the laboratory results in the field still finds promiscuity towards mitigation of HABs.