Toxic wastes like heavy metals and dyes are released into the environment as a direct result of industrialization and technological progress. The biosorption of contaminants utilizes a variety of biomaterials. Biosorbents can adsorb toxic pollutants on their surface through various mechanisms like complexation, precipitation, etc. The quantity of sorption sites that are accessible on the surface of the biosorbent affects its effectiveness. Biosorption’s low cost, high efficiency, lack of nutrient requirements, and ability to regenerate the biosorbent are its main advantages over other treatment methods. Optimization of environmental conditions like temperature, pH, nutrient availability, and other factors is a prerequisite to achieving optimal biosorbent performance. Recent strategies include nanomaterials, genetic engineering, and biofilm-based remediation for various types of pollutants. The removal of hazardous dyes and heavy metals from wastewater using biosorbents is a strategy that is both efficient and sustainable. This review provides a perspective on the existing literature and brings it up-to-date by including the latest research and findings in the field.