Global soil degradation is becoming more prevalent and is a rising concern especially in developing countries. Primary causes of deterioration include farming methods of increasing intensity, inadequate restoration of key nutrients, deforestation, and removal of vegetation from sandy soils. Wind and water erosion are the primary causes of soil loss in terrestrial ecosystems, Inevitably erosion results in the loss of soil nutrients. Poor soil fertility decreases agricultural productivity. The term “bioremediation” refers to the process of removing contaminants from ecosystems utilizing microorganisms. Thus microbial degradation of organic and inorganic impurities improves and boosts the health of the environment. Microbial breakdown aerates soil and adds nutrients encouraging natural biodegradation of hydrocarbons of petroleum by local microbes. Bioremediation techniques are superior to solvent extraction and chemical oxidization. Non-biological treatment costs are exceedingly high in both financial and ecological terms, bioremediation is a viable option for soil remediation. This chapter focuses on the significance of biofertilizers for healthy life and a sustainable environment, as well as how microbial strains improve bioremediation, an intense necessity in modern times and a viable solution in reducing climate change. Microorganism-based biotechnology has been used to solve environmental contamination issues, particularly of petroleum and its byproducts, in recent decades. Fertilizer usage must be expanded to meet the demands of the world’s growing population; though should be carefully deployed to avoid environmental concerns, and reliance on the deployment of technological and socioeconomic measures. The ultimate solution is a biofertilizer which remediates pollutants and improves growth and yield of crops.