Put the microplush blanket in the dryer with two fabric softener sheets and a wet washcloth. Clear the lint trap. Run the dryer for at least 15 minutes on low heat. Use the gentle cycle.
Spread the blanket out after drying on an even, hard surface. Brush the blanket with a lint roller to remove remaining fuzz. Flip the blanket over and repeat on the other side.
Get a fabric shaver for a blanket with severe pilling. Fabric shavers are available from at craft and fabric stores.
Lay the mircoplush blanket on a flat, smooth surface. Gently and slowly shave the blanket with the fabric shaver. Follow the directions that came with the shaver; directions vary by make and model. Don't put too much pressure on the shaver or move too fast to avoid ripping the blanket.