Herein, zero-valent silver (Ag0) and polyvinyl acetate (PVAc) was ultrasonically incorporated into the surface matrix of MWCNTs to produce a multifunctional MWCNTs-Ag0/PVAc nanocomposite. The MWCNTs, MWCNTs-Ag0 and MWCNTs-Ag0/PVAc were characterized for the thermal stability, crystallographic structure and morphology using thermogravimetric analysis (TGA), X-ray diffraction (XRD) and high resolution scanning electron microscopy (HRSEM). Industrial wastewater containing Hg(II) and Cr(VI) ions were treated using the fabricated MWCNTs-Ag0/PVAc at different adsorption parameters such as pH, adsorbent mass, adsorption time and temperature. The characterization result obtained indicated successful incorporation of the Ag0 and PVAc to the surface matrix of MWCNTs-Ag0/PVAc. The materials were thermally stable and the crystalline peaks/patterns of the incorporated materials were evident on the MWCNTs-Ag0/PVAc. The adsorption study revealed maximum adsorption capacity of 249 mg/g and 237 mg/g for the Hg(II) and Cr(VI) by MWCNTs-Ag0/PVAc at the pH (6 for Hg(II) and 3 for Cr(VI)), adsorbent mass (40 mg), adsorption time (60 min) and temperature (30 °C). The experimental data effectively fitted the Langmuir isotherm and pseudo-second order kinetic, respectively. Finally, MWCNTs-Ag0/PVAc showed remarkable performance as a suitable adsorbent for heavy metals removal from industrial wastewater.