Biogranulation technology developed for wastewater treatment includes anaerobic and aerobic granulation processes. Anaerobic granulation is relatively well known, but research on aerobic granulation commenced only recently. Many full-scale anaerobic granular sludge units have been operated worldwide, but no report exists of similar units for aerobic granulation. This paper reviews the fundamentals and applications of biogranulation technology in wastewater treatment. Aspects discussed include the models of biogranulation, major factors influencing biogranulation, characteristics of biogranules, and their industrial applications. This review hopes to provide a platform for developing novel granules-based bioreactors and devising a unified interpretation of the formation of anaerobic and aerobic granules under various operation conditions.