Floating aquatic macrophytes have a high level of proficiency in the removal of various contaminants, particularly nutrients, from wastewater. Due to their rapid growth rates, it is imperative to ensure the safe removal of the final biomass from the system. The ultimate macrophyte biomass is composed of lignocellulose and has enhanced nutritional and energy properties. Consequently, it can serve as a viable source material for applications such as the production of bioenergy, fertilizer and animal feed. However, its use remains limited, and in-depth studies are scarce. Here, we provide a comprehensive analysis of floating aquatic macrophytes and their efficacy in the elimination of heavy metals, nutrients and organic pollutants from various types of wastewater. This study offers a wide-ranging scrutiny of the potential use of plant biomasses as feedstock for bioenergy generation, focusing on both biochemical and thermochemical conversion processes. In addition, we provide information regarding the conversion of biomass into animal feed, focusing on ruminants, fish and poultry, the manufacture of fertilizers and the use of treated water. Overall, we offer a clear idea of the technoeconomic benefits of using macrophytes for the treatment of wastewater and the challenges that need to be rectified to make this cradle-to-cradle concept more efficient.