By invading freshwater habitats, aquatic invasive species pose a danger to socioeconomic and ecological systems. Eichhornia crassipes (Mart.) Solms (water hyacinth) is one of the most recognized noxious floating aquatic weeds. It has invaded almost all aquatic systems over the world. Under optimum conditions, water hyacinth grows in massive quantities causing detrimental effects on both the environment and human health. The present review gives a summary of water hyacinths distribution, problems, and different management strategies adopted to control its spread in the aquatic environment. Also, the review summarizes different aspects of beneficial uses of water hyacinth. The review discusses the plant uses as a source of feed for animals and fish. Also, it gives a brief about the plant uses for biofuels production. The use of the living plant as well as its biomass for bioremediation and bioaccumulation of harmful pollutants and metals for water treatment has been also pointed out in the present work. Last but not least the present review highlights some novel applications using water hyacinths such as the production of nanomaterials, hydrogels, building materials, and other miscellaneous applications.