Biosorption and bioaccumulation can be applied to remedy environments contaminated with heavy metals as complementary methods to currently used physical and chemical methods. The overall goal of this work was to analyze potentials of biosorption and bioaccumulation for removal of heavy metals from the contaminated environment. The most frequently used methods for removal of heavy metals from water and wastewater were presented. Select biosorbents applied in the process of removal of heavy metals from contaminated environment were characterized. Factors that influence biosorption were analyzed. Also, methods for improving the efficiency of removal of heavy metals with biosorbents through biomass modification and immobilization were presented. Types of reactors applied in the processes of biosorption and bioaccumulation were described. It was found that removal of heavy metals from the environment with biotechnological methods should consider a number of physicochemical factors such as temperature, pH, contact time of biomass, and a solution containing metals, concentration and age of biomass, and toxicity when living microorganisms are applied. Improving the efficiency of removal of metals can be performed through physical and chemical modifications and immobilization of biomass. The most frequently applied reactors include: stirred tank reactors, fixed-bed, reactors and fluidized-bed reactors.