Purpose of Review Heavy and toxic metals are becoming more prevalent in the water sources of the globe, which has detrimental repercussions for both human health and the health of ecosystems. The summary of recent findings on treatment possibilities of toxic metal species by nanomaterials should facilitate the development of more advanced techniques of their removal. Recent Findings The high concentrations of chromium, mercury, and arsenic identified in wastewater cause a hazard to human health. There is a wide variety of nanoadsorbents and nanophotocatalysts used for heavy/hazardous metal removal. Recent research has resulted in the production of advanced nanostructures that exhibit extraordinary heavy/hazardous metal adsorption effectiveness and photocatalytic diminution of metal ions. These nanostructures have physically and chemically tunable features. Summary In this review article, the use of carbon-based nanomaterials, polymer-based nanomaterials, and semiconductor-based nanomaterials are extensively discussed to remove mercury, chromium, and arsenic ions from wastewater by the adsorption process. Advanced nanomaterials involved in photocatalytic reduction are also comprehensively discussed.