The continuous upsurge in water pollution caused by harmful organic and inorganic contaminants has led to a shortage of nontoxic, clean water and effective waste management. Therefore, it is crucial to establish an eco-friendly approach using sustainable, biodegradable, and recyclable materials to treat the wastewater. In this regard, photocatalysts are highly effective for mitigating water pollution to a certain degree through an energy-efficient and greener approach. Among various photocatalysts, polymeric nanocomposites have attracted considerable consideration owing to their several advantageous characteristics like higher surface area, extended surface to volume ratio, advanced adsorption efficiency, and application for the degradation of harmful contaminants. In this comprehensive review, we have focused on the recent synthetic approaches for development of polymeric nanocomposites. Also, the application of these polymeric nanocomposites for the degradation of harmful contaminants has also been extensively summarized. This article further extensively discusses the process of photocatalysis to provide a clear understanding to the reader.