Large volumes of wastewater containing toxic contaminants (e.g., heavy metal ions, organic dyes, etc.) are produced from industrial processes including electroplating, mining, petroleum exploitation, metal smelting, etc., and proper treatment prior to their discharge is mandatory in order to alleviate the impacts on aquatic ecosystems. Adsorption is one of the most effective and practical methods for removing toxic substances from wastewater due to its simplicity, flexibility, and economics. Recently, hierarchical oxide composites with diverse morphologies at the micro/nanometer scale, and the combination advantages of oxides and composite components have been received wide concern in the field of adsorption due to their multi-level structures, easy functionalization characteristic resulting in their large transport passages, high surface areas, full exposure of active sites, and good stability. This review summarizes the recent progress on their typical preparation methods, mainly including the hydrothermal/solvothermal method, coprecipitation method, template method, polymerization method, etc., in the field of selective adsorption and competitive adsorption of hazardous substances from wastewater. Their formation processes and different selective adsorption mechanisms, mainly including molecular/ion imprinting technology, surface charge effect, hard-soft acid-base theory, synergistic effect, and special functionalization, were critically reviewed. The key to hierarchical oxide composites research in the future is the development of facile, repeatable, efficient, and scale preparation methods and their dynamic adsorption with excellent cyclic regeneration adsorption performance instead of static adsorption for actual wastewater. This review is beneficial to broaden a new horizon for rational design and preparation of hierarchical oxide materials with selective adsorption of hazardous substances for wastewater treatment.