Osmotic microbial fuel cells (OsMFCs) with the abilities to simultaneously treat wastewater, produce clean water, and electricity provided a novel approach for the application of microbial fuel cell (MFC) and forward osmosis (FO). This synergistic merging of functions significantly improved the performances of OsMFCs. Nonetheless, despite their promising potential, OsMFCs currently receive inadequate attention in wastewater treatment, water reclamation, and energy recovery. In this review, we delved into the cooperation mechanisms between the MFC and the FO. MFC facilitates the FO process by promoting water flux, reducing reverse solute flux (RSF), and degrading contaminants in the feed solution (FS). Moreover, the water flux based on the FO principle contributed to MFC’s electricity generation capability. Furthermore, we summarized the potential roles of OsMFCs in resource recovery, including nutrient, energy, and water recovery, and identified the key factors, such as configurations, FO membranes, and draw solutions (DS). We prospected the practical applications of OsMFCs in the future, including their capabilities to remove emerging pollutants. Finally, we also highlighted the existing challenges in membrane fouling, system expansion, and RSF. We hope this review serves as a useful guide for the practical implementation of OsMFCs.