In the present work, carbon dioxide (CO2) fixation potential of bacteria and cyanobacterial consortium was studied and compared. Serratia marcescens NCIM 2078, the chemolithotrophic bacteria, which was used in the present study, was collected from National Collection of Industrial Microorganisms (NCIM), Pune, India. The cyanobacterial consortium used was Leptolyngbya subtilis and Planktothrix agardhii. It was collected from East Kolkata Wetland (EKW), Kolkata, India, a Wetland of International Importance. Serratia marcescens NCIM 2078 and the consortium Leptolyngbya subtilis and Planktothrix agardhii were cultivated with 10%, 20%, and 30% CO2. These two microbial agents could grow at 30% CO2 and showed optimum growth at CO2 concentration of 10%. The maximum biofixation of CO2 observed was 98.32% and 94.06% for Serratia marcescens NCIM 2078 and for the consortium of Leptolyngbya subtilis and Planktothrix agardhii at 10% of CO2 concentration. Carbon dioxide showed toxic effects on both the microorganisms at high concentration and the lipid content also decreased with increased CO2 concentration. The present results indicate the efficacy of these two microbes for mitigating CO2 in the flue gases. © 2017 American Institute of Chemical Engineers Environ Prog, 37: 1594–1600, 2018