The increase in the surface and groundwater contamination due to global population growth, industrialization, proliferation of pathogens, emerging pollutants, heavy metals, and scarcity of drinking water represents a critical problem. Because of this problem, particular emphasis will be placed on wastewater recycling. Conventional wastewater treatment methods may be limited due to high investment costs or, in some cases, poor treatment efficiency. To address these issues, it is necessary to continuously evaluate novel technologies that complement and improve these traditional wastewater treatment processes. In this regard, technologies based on nanomaterials are also being studied. These technologies improve wastewater management and constitute one of the main focuses of nanotechnology. The following review describes wastewater's primary biological, organic, and inorganic contaminants. Subsequently, it focuses on the potential of different nanomaterials (metal oxides, carbon-based nanomaterials, cellulose-based nanomaterials), membrane, and nanobioremediation processes for wastewater treatment. The above is evident from the review of various publications. However, nanomaterials' cost, toxicity, and biodegradability need to be addressed before their commercial distribution and scale-up. The development of nanomaterials and nanoproducts must be sustainable and safe throughout the nanoproduct life cycle to meet the requirements of the circular economy.