Heavy metals can represent a threat to the health of aquatic ecosystems. Unlike organic chemicals, heavy metals cannot be eliminated by natural processes such as their degradation into less toxic compounds, and this creates unique challenges for their remediation from soil, water, and air. Phytoremediation, defined as the use of plants for the removal of environmental contaminants, has many benefits compared to other pollution-reducing methods. Phytoremediation is simple, efficient, cost-effective, and environmentally friendly because it can be carried out at the polluted site, which simplifies logistics and minimizes exposure to humans and wildlife. Macrophytes represent a unique tool to remediate diverse environmental media since they can accumulate heavy metals from contaminated sediment via roots, from water via submerged leaves, and from air via emergent shoots. In this review, a synopsis is presented about how plants, especially macrophytes, respond to heavy metal stress and we propose potential roles that phytohormones can play in the alleviation of metal toxicity in the aquatic environment. We focus on the uptake, translocation, and accumulation mechanisms of heavy metals in organs of macrophytes and give examples of how phytohormones interact with plant defense systems under heavy metal exposure. We advocate for a more in-depth understanding of these processes to inform more effective metal remediation techniques from metal-polluted waterbodies.