Pharmaceuticals and personal care products (PPCPs) are those substances used for medical care, cosmetics, hygiene and health care purposes. Due to their globally high production and consumption rates and rapid discharge into the environment without control, they are of considerable public concern. Many of them, particularly antibiotics, analgesics, endocrine disruptors and microbial/disinfecting substances are frequently detected in wastewater treatment effluents, fresh water systems and groundwater in concentrations ranging from ng L−1 to mg L−1. Moreover, most of them are persistent and tend to bioaccumulate in cell tissue, being transported subsequently to vegetables, crops and drinking water sources. As such, a large group of PPCPs are recognized with their potential to impair the ecosystem and/or to induce health risks, so that they have been classified under “emerging contaminants.” The present study is a comprehensive review of the literature on the occurrence, fate and potential environmental and health risks of PPCPs in the aquatic and terrestrial environments. It also encompasses the reported cases of human health disorders or risks, although the data so far is inadequate for presenting a complete assessment. Finally, the study covers a short review of the most promising advanced technologies for their partial or ultimate elimination from wastewater treatment effluents and water.