Contamination of the food and especially marine environment with nano/micro-plastic particles has raised serious concern in recent years. Environmental pollution and the resulting seafood contamination with microplastic (MP) pose a potential threat to consumers. The absorption rate of the MP by fish is generally considered low, although the bioavailability depends on the physical and chemical properties of the consumed MP. The available safety studies are inconclusive, although there is an indication that prolonged exposure to high levels of orally administered MP can be hazardous for consumers. This review details novel findings about the occurrence of MP, along with its physical and chemical properties, in the marine environment and seafood. The effect of processing on the content of MP in the final product is also reviewed. Additionally, recent findings regarding the impact of exposure of MP on human health are discussed. Finally, gaps in current knowledge are underlined, and the possibilities for future research are indicated in the review. There is an urgent need for further research on the absorption and bioavailability of consumed MP and in vivo studies on chronic exposure. Policymakers should also consider the implementation of novel legislation related to MP presence in food.