Removal of contaminants in wastewater, such as heavy metals, has become a severe problem in the world. Numerous technologies have been developed to deal with this problem. As an emerging technology, nanotechnology has been gaining increasing interest and many nanomaterials have been developed to remove heavy metals from polluted water, due to their excellent features resulting from the nanometer effect. In this work, novel nanomaterials, including carbon-based nanomaterials, zero-valent metal, metal-oxide based nanomaterials, and nanocomposites, and their applications for the removal of heavy metal ions from wastewater were systematically reviewed. Their efficiency, limitations, and advantages were compared and discussed. Furthermore, the promising perspective of nanomaterials in environmental applications was also discussed and potential directions for future work were suggested.