The growing environmental awareness of society, the advancement of nature-based solutions (NbSs), and the need for reliable and cost-effective solutions create a favorable environment of opportunities for floating wetlands as alternative solutions for marine water pollution control. The aim of this work was to screen, through OpenLCA, the environmental impacts of floating wetlands for marine water pollution control at various life cycle stages of the system, and assess its economic performance and contribution to the welfare of society. The stage of raw materials production and acquisition was found to be responsible for the main environmental impacts of the floating wetlands, especially on global warming potential, whereas the main impact of the operational stage was related to the eutrophication potential due to N and P residuals in the effluent. The economic performance indicators of economic net present value (ENPV), economic rate of return (ERR), and benefits/costs ratio (B/C ratio) indicate, although marginally, that floating wetlands may constitute a viable investment with potential positive socioeconomic impacts. However, there are still several scientific challenges and technical issues to be considered for the operational application of such systems at full-scale in marine environments.