Heavy metal ions removal is a prime concern for pure water and good human health. Lead is one of the most worrisome heavy metal ions. Exposure to lead at trace levels induces neurotoxicity, brain damage, microcytic anemia, kidney damage, hypertension, and toxicity to reproductive organs, and premature birth, miscarriage, and stillbirth for pregnant women. Main anthropogenic sources of lead are mining, smelting, lead acid batteries, use of leaded paint, plastic stabilizers, cable sheathing pigments, and rust inhibitors. Adsorption is the most efficient and effective one. Among different physical chemical and biological procedures are present to mitigate the toxicity of lead ions in water, adsorption is the most efficient and effective one. Amid various nanoadsorbents, magnetic iron oxide nanoparticles are gaining more attention due to their unique physicochemical properties and magnetometric property. This review sheds light on magnetic iron oxide nanoadsorbents and the impact of different functional groups on lead ion adsorption efficiency.