Heavy metal pollution of aquatic media has grown significantly over the past few decades. Therefore, a number of physical, chemical, biological, and electrochemical technologies are being employed to tackle this problem. However, they possess various inescapable shortcomings curbing their utilization at a commercial scale. In this regard, nanotechnology has provided efficient and cost-effective solutions for the extraction of heavy metals from water. This review will provide a detailed overview on the efficiency and applicability of various adsorbents, i.e., carbon nanotubes, graphene, silica, zero-valent iron, and magnetic nanoparticles for scavenging metallic ions. These nanoparticles exhibit potential to be used in extracting a variety of toxic metals. Recently, nanomaterial-assisted bioelectrochemical removal of heavy metals has also emerged. To that end, various nanoparticle-based electrodes are being developed, offering more efficient, cost-effective, ecofriendly, and sustainable options. In addition, the promising perspectives of nanomaterials in environmental applications are also discussed in this paper and potential directions for future works are suggested.