Disposal of waste products and residuals into the natural water bodies can have fatal consequences for aquatic ecosystems, posing severe threats to natural habitats and human health. Natural treatment systems are the most suitable treatment technologies for various types of wastewaters, which has attracted much attention in recent years. Phytoremediation is a plant-based technique used to eliminate or recover surplus nutrients in contaminated environments. The use of aquatic plants in wastewater phytoremediation is very efficient due to they have a very significant ability for assimilating and degrading contaminants (e.g., nitrates, phosphates, and heavy metals). Phytoremediation is a relatively new technology that is considered as an operational, efficient, new, and environmentally friendly technology that is still in the early stages of development and optimization. Its application on a large scale is still limited. It should also be noted that a clear vision of this innovation should be taken into account and, accurate data should be made available to the public as it will enhance its efficiency as a manageable solution in the worldwide. Additionally, phytoremediation has been evaluated as a separate low-tech and environmentally friendly green option compared to the existing technologies. The present study attempts to review the recently published literature to explain phytoremediation technology and its advantages in purifying water and wastewater.