Utilization of pesticides is often necessary for meeting commercial requirements for crop quality and yield. However, incessant global pesticide use poses potential risks to human and ecosystem health. This situation increases the urgency of developing nano-biotechnology-assisted pesticide formulations that have high efficacy and low risk of side effects. The risks associated with both conventional and nanopesticides are summarized in this review. Moreover, the management of residual pesticides is still a global challenge. The contamination of soil and water resources with pesticides has adverse impact over agricultural productivity and food security; ultimately posing threats to living organisms. Pesticide residues in the eco-system may be treated via several biological and physicochemical processes, such as microbe-based degradation and advanced oxidation processes. With these issues in mind, we present a review that explores both existing and emerging techniques for management of pesticide residues and environmental risks. These techniques can offer a sustainable solution to revitalize the tarnished water/soil resources. Further, state-of-the-art research approaches to investigate biotechnological alternatives to conventional pesticides are discussed along with future prospects and mitigation techniques are recommended.