Toxic substances such as heavy metals or persistent organic pollutants raise global environmental concerns. Thus, diverse water decontamination approaches using nano-adsorbents and/or photocatalysts based on nanotechnology are being developed. Particularly, many studies have examined the removal of organic and inorganic contaminants with novel graphene-based nano spinel ferrites (GNSFs) as potential cost-effective alternatives to traditionally used materials, owing to their enhanced physical and chemical properties. The introduction of magnetic spinel ferrites into 2-D graphene-family nanomaterials to form GNSFs brings various benefits such as inhibited particle agglomeration, enhanced active surface area, and easier magnetic separation for reuse, making the GNSFs highly efficient and eco-friendly materials. Here, we present a short review on the state-of-the-art progresses on developments of GNSFs, as well as their potential application for removing several recalcitrant contaminants including organic dyes, antibiotics, and heavy metal ions. Particularly, the mechanisms involved in the adsorptive and photocatalytic degradation are thoroughly reviewed, and the reusability of the GNSFs is also highlighted. This review concludes that the GNSFs hold great potential in remediating contaminated aquatic environments. Further studies are needed for their practical and large-scale applications.