Microbial enzymes are utilized in a variety of fields. They find applications in several industries, including baking, leather tanning and brewing, among others. Recently microbial enzyme bio betters have been used as therapeutic agents for numerous medical conditions. Notably, certain enzymes like L-asparaginase and L-glutaminase have shown effectiveness in combating particular types of cancers. Recent research and clinical investigations have identified L-asparaginase as a potent medication for managing lymphoblastic leukaemia. In future, improved L-asparaginase bio betters may be developed and become primary therapeutic drugs for lymphoblastic leukaemia. This review focuses on the mechanism of action, microbial sources, types, commercial production, therapeutic applications, and future potential of microbial L-asparaginases.