In recent years, taste and odor (T&O) compounds in drinking water are becoming a serious problem, which has brought many challenges to drinking water treatment plants. Due to global concerns about the emergence of T&O compounds, researchers have proposed various water treatment technologies to ensure the quality of drinking water. In this paper, abiotic and biotic methods for the treatment of T&O compounds are reviewed, including process parameters, advantages and disadvantages, removal efficiency and mechanism. Geosmin (GSM) and 2-methylisoborneol (2-MIB) are the most common odorous substances with earthy and musty smells. The chemical and biological methods for the possible degradation pathways of these two compounds are summarized. Furthermore, suggestions and approaches are provided for efficient and safe strategies for T&O compound treatments and their future applications.