The presence of heavy metal ions in polluted wastewater represents a serious threat to human health, making proper disposal extremely important. The utilization of nanofiltration (NF) membranes has emerged as one of the most effective methods of heavy metal ion removal from wastewater due to their efficient operation, adaptable design, and affordability. NF membranes created from advanced materials are becoming increasingly popular due to their ability to depollute wastewater in a variety of circumstances. Tailoring the NF membrane’s properties to efficiently remove heavy metal ions from wastewater, interfacial polymerization, and grafting techniques, along with the addition of nano-fillers, have proven to be the most effective modification methods. This paper presents a review of the modification processes and NF membrane performances for the removal of heavy metals from wastewater, as well as the application of these membranes for heavy metal ion wastewater treatment. Very high treatment efficiencies, such as 99.90%, have been achieved using membranes composed of polyvinyl amine (PVAM) and glutaraldehyde (GA) for Cr3+ removal from wastewater. However, nanofiltration membranes have certain drawbacks, such as fouling of the NF membrane. Repeated cleaning of the membrane influences its lifetime.