Constructed wetlands (CW) is an environmentally friendly technique for removing pollutants from wastewater and has been applied to municipal wastewater, petroleum refinery wastewater, agriculture drainage, acid mine drainage, etc. The past decade has seen a remarkable number of innovations in the exponentially growing field of microbiology. This manuscript covers a critical review of key aspects of CW, such as various types of CW, the contaminants and their removal mechanisms, degradation pathways, challenges and opportunities, materials, applications, and theory with a focus on recent advances in the last three decades. In addition, an attempt has been taken to project future advances in the field of CW and facilitate these advances by framing key unsolved problems in CW. Guidelines are prepared for the fast-growing CW field through the standardization of key design aspects. This review covers the evaluation of the current state-of-the-art of CW technology and provides definitions and performance metric nomenclature in an effort to unify the fast-growing CW community. It also contains an outlook on the emerging trends in CW and proposes future research and development directions.