Water quality depends on its physicochemical and biological parameters. Changes in parameters such as pH, temperature, and essential and non-essential trace metals in water can render it unfit for human use. Moreover, the characteristics of the local environment, geological processes, geochemistry, and hydrological properties of water sources also affect water quality. Generally, groundwater is utilized for drinking purposes all over the globe. The surface is also utilized for human use and industrial purposes. There are several natural and anthropogenic activities responsible for the heavy metal contamination of water. Industrial sources, including coal washery, steel industry, food processing industry, plastic processing, metallic work, leather tanning, etc., are responsible for heavy metal contamination in water. Domestic and agricultural waste is also responsible for hazardous metallic contamination in water. Contaminated water with heavy metal ions like Cr (VI), Cd (II), Pb (II), As (V and III), Hg (II), Ni (II), and Cu (II) is responsible for several health issues in humans, like liver failure, kidney damage, gastric and skin cancer, mental disorders and harmful effects on the reproductive system. Hence, the evaluation of heavy metal contamination in water and its removal is needed. There are several physicochemical methods that are available for the removal of heavy metals from water, but these methods are expensive and generate large amounts of secondary pollutants. Biological methods are considered cost-effective and eco-friendly methods for the remediation of metallic contaminants from water. In this review, we focused on water contamination with toxic heavy metals and their toxicity and eco-friendly bioremediation approaches.