Facing an unprecedented population growth, it is difficult to overstress the assets for wastewater treatment of waste stabilization ponds (WSPs), i.e. high removal efficiency, simplicity, and low cost, which have been recognized by numerous scientists and operators. However, stricter discharge standards, changes in wastewater compounds, high emissions of greenhouse gases, and elevated land prices have led to their replacements in many places. This review aims at delivering a comprehensive overview of the historical development and current state of WSPs, and providing further insights to deal with their limitations in the future. The 21st century is witnessing changes in the way of approaching conventional problems in pond technology, in which WSPs should no longer be considered as a low treatment technology. Advanced models and technologies have been integrated for better design, control, and management. The roles of algae, which have been crucial as solar-powered aeration, will continue being a key solution. Yet, the separation of suspended algae to avoid deterioration of the effluent remains a major challenge in WSPs while in the case of high algal rate pond, further research is needed to maximize algal growth yield, select proper strains, and optimize harvesting methods to put algal biomass production in practice. Significant gaps need to be filled in understanding mechanisms of greenhouse gas emission, climate change mitigation, pond ecosystem services, and the fate and toxicity of emerging contaminants. From these insights, adaptation strategies are developed to deal with new opportunities and future challenges. Display omitted •250 publications related to pond technology from its origin to now were reviewed•Pond technology is facing a crossroads of either being upgraded or being replaced•Benefits of algal biomass production for energy recovery can be tremendous•Difficulties in harvesting and maximizing algae yield remain the major obstacle•Vast knowledge gaps exist in understanding many mechanisms in pond technology