Biological computation involves the design and development of computational techniques inspired by natural biota. On the other hand, computational biology involves the development and application of computational techniques to study biological systems. We present a comprehensive review showcasing how biology and computer science can guide and benefit each other, resulting in improved understanding of biological processes and at the same time advances in the design of algorithms. Unfortunately, integration between biology and computer science is often challenging, especially due to the cultural idiosyncrasies of these two communities. In this study, we aim at highlighting how nature has inspired the development of various algorithms and techniques in computer science, and how computational techniques and mathematical modeling have helped to better understand various fields in biology. We identified existing gaps between biological computation and computational biology and advocate for bridging this gap between "wet" and "dry" research. The discussion in this paper about the challenges and importance of filling the gaps between the biological computation and computational biology communities represents the outcome of an analysis that has been done in the 5th Heidelberg Laureate Forum; specifically during a workshop https ://scilo gs.spekt rum.de/hlf/exper ience-learn-share-heide lberg-laure ate-forum / organized by Dr. Zaineb Chelly Dagdia and mentored by Professor Stephen Smale (Fields Medal awardee). After the workshop, a collaboration was formed between Dr. Zaineb Chelly Dagdia who works on biological computation and two participants and contributors to the workshop, Pavel Avdeyev and Dr. Md. Shamsuzzoha Bayzid, who work on different areas in computational biology.