Wastewater discharges from industrial processes typically include elevated concentrations of contaminants, which largely consist of potentially harmful chemicals such as heavy metals. These contaminants are characterized by their slow rate of decomposition. Hence, the removal of these metallic ions from effluents poses a challenge. Among different treatments, the adsorption approach has considerable potential due to its ability to effectively eliminate both soluble and insoluble pollutants from effluent, even at lower levels of concentration. Of various wastes, fly ash (FA) material has been the subject of attention because it is abundant, has favorable qualities, and contains a high percentage of minerals. This review investigates multiple facets, with a specific focus on the application of FA, an industrial byproduct, as an adsorbent in removing heavy metals. A comprehensive examination was conducted on a range of concerns pertaining to the pollution caused by metallic ions, including the underlying causes, levels of contamination, health implications of heavy metals, and removal methods. Multiple factors were found to affect the adsorption process. Of all the factors, the pH value considerably influences the elimination of heavy metals. An acidic pH range of 2.5–4.5 was found to be optimal for achieving the highest possible elimination of As(V), Cu(II), Hg(II), and Cr(VI). The latter elimination rate reached 89% at the optimal pH level. Most heavy metals’ adsorption isotherms conformed to the Langmuir or Freundlich models, while the pseudo-second-order kinetics provided a satisfactory match for their removal. Using a raw FA, adsorption capacities were achieved in the removal of metallic ions, Ni(II), Pb(II), and Cr(VI), that ranged from 14.0 to 23.9 mg g−1. Meanwhile, the FA-zeolite showed a remarkable capacity to adsorb ions Mn(II), Ni(II), Cd(II), Cu(II), and Pb(II), with values ranging from about 31 to 66 mg g−1. The cost analysis showed that the treatment of FA is economically advantageous and may result in significant cost reductions in comparison to commercial adsorbents. In summary, FA is an inexpensive waste material with potential for water treatment applications and several other purposes due to its excellent chemical and mineralogical composition.