Acrylamide (AA) is a neurotoxic and carcinogenic substance that has recently been discovered in food. One of the factors affecting its formation is the heat treatment method. This review discusses the microwave heating as one of the methods of thermal food processing and the influence of microwave radiation on the acrylamide formation in food. In addition, conventional and microwave heating were compared, especially the way they affect the AA formation in food. Available studies demonstrate differences in the mechanisms of microwave and conventional heating. These differences may be beneficial or detrimental depending on different processes. The published studies showed that microwave heating at a high power level can cause greater AA formation in products than conventional food heat treatment. The higher content of acrylamide in microwave-heated foods may be due to differences in its formation during microwave heating and conventional methods. At the same time, short exposure to microwaves (during blanching and thawing) at low power may even limit the formation of acrylamide during the final heat treatment. Considering the possible harmful effects of microwave heating on food quality (e.g., intensive formation of acrylamide), further research in this direction should be carried out.