Reading forums I have found that taking log backup will fix this issue
Depends a lot on what is the 'issue'. Log backup will free the log (make space available inside the LDF file), but will not shrink the log (make the LDF file smaller). Read How to shrink the SQL Server log.
This should not be a just-in-time rush to fix. You must have a recovery plan in action, which includes a proper backup plan, running automated on a schedule. Is much better to set the recovery to SIMPLE rather than mess with manual log backups.