Water pollution is caused by heavy metals, minerals, and dyes. It has become a global environmental problem. There are numerous methods for removing different types of pollutants from wastewater. Adsorption is viewed as the most promising and financially viable option. Nanostructured materials are used as effective materials for adsorption techniques to extract metal ions from wastewater. Many types of nanomaterials, such as zero-valent metals, metal oxides, carbon nanomaterials, and magnetic nanocomposites, are used as adsorbents. Magnetic nanocomposites as adsorbents have magnetic properties and abundant active functional groups, and unique nanomaterials endow them with better properties than nonmagnetic materials (classic adsorbents). Nonmagnetic materials (classic adsorbents) typically have limitations such as limited adsorption capacity, adsorbent recovery, poor selective adsorption, and secondary treatment. Magnetic nanocomposites are easy to recover, have strong selectivity and high adsorption capacity, are safe and economical, and have always been a hotspot for research. A large amount of data has been collected in this review, which is based on an extensive study of the synthesis, characterization, and adsorption capacity for the elimination of ions from wastewater and their separation from water. The effects of several experimental parameters on metal ion removal, including contact duration, temperature, adsorbent dose, pH, starting ion concentration, and ionic strength, have also been investigated. In addition, a variety of illustrations are used to describe the various adsorption kinetics and adsorption isotherm models, providing insight into the adsorption process.