Nanomaterials have emerged as the new future generation materials for high-performance water treatment membranes with potential for solving the worldwide water pollution issue. The incorporation of nanomaterials in membranes increases water permeability, mechanical strength, separation efficiency, and reduces fouling of the membrane. Thus, the nanomaterials pave a new pathway for ultra-fast and extremely selective water purification membranes. Membrane enhancements after the inclusion of many nanomaterials, including nanoparticles (NPs), two-dimensional (2-D) layer materials, nanofibers, nanosheets, and other nanocomposite structural materials, are discussed in this review. Furthermore, the applications of these membranes with nanomaterials in water treatment applications, that are vast in number, are highlighted. The goal is to demonstrate the significance of nanomaterials in the membrane industry for water treatment applications. It was found that nanomaterials and nanotechnology offer great potential for the advancement of sustainable water and wastewater treatment.