Use of synthetic microbial communities (SynComs) is a promising approach that harness nature-based solutions to support soil fertility and food security, mitigate climate change impacts and restore terrestrial ecosystems. Several microbial products are in the market and, many others are at different stages of development and commercialization. Yet, we are still far from being able to fully harness the potential and successful applications of such biotechnological tools. The limited field efficiency and efficacy of SynComs and other microbial tools have significantly constrained commercial opportunities, resulting in market growth falling below expectations. To overcome these challenges and manage expectations, it is critical to address current limitations, failures, and potential environmental consequences of SynComs. Here, we discuss the current status of SynComs and identify the next steps needed to develop and deploy the next generation tools to boost their ability to support multiple ecosystem services, including food security and environmental sustainability.