The use of nano zero-valent iron in environmental remediation has gained much attention in the last two decades. While these engineered nanoparticles have been successfully used in groundwater remediation, their potential in soil remediation remains limited, mainly due to the associated higher costs and comparable efficiency when compared to conventional iron-based materials, e.g., iron grit. Additionally, there is still a limited number of studies describing their efficiency under field conditions, possible toxicological issues, including toxicity to humans, LCA of the technology, and its economic viability in general. This perspective article aims to describe the mechanisms behind this technology and critically review the potentials and drawbacks of nZVI use in the remediation of soil contaminated with metals and metalloids as its potential for its widespread use in soil remediation is probably still limited.