•Mycoremediation of polycyclic aromatic hydrocarbons, challenges, and strategies to overcome.•Role of the fungi in eradicating heavy metal contamination from the polluted sites.•Mycoremediation of agricultural wastes including pesticides, herbicides, and cyanotoxins.•Pharmaceutical wastes and strategies for its remediation using white-rot and ligninolytic fungus. The ever-increasing population, rapid rate of urbanization, and industrialization are exacerbating the pollution-related problems. Soil and water pollution affect human health and the ecosystem. Thus, it is crucial to develop strategies to combat this ever-growing problem. Mycoremediation, employing fungi or its derivatives for remediation of environmental pollutants, is a comparatively cost-effective, eco-friendly, and effective method. It has advantages over other conventional and bioremediation methods. In this review, we have elucidated the harmful effects of common pollutants on public health and the environment. The role of several fungi in degrading these pollutants such as heavy metals, agricultural, pharmaceutical wastes, including polycyclic aromatic hydrocarbons, is enumerated. Future strategies to improve the rate and efficiency of mycoremediation are suggested. The manuscript describes the strategies which can be used as a future framework to address the global problem of pollution.