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Fast growing demand of fresh water due to increasing population and industrialization dictated research interests towards development of techniques that offers highly efficient and affordable methods of wastewater treatment. In recent decades water treatment using nano-technological based expertise have gained significant attention. Varieties of nanoparticles were synthesized and proficiently used in treatment of wide range of organic and inorganic contaminants from waste streams. This chapter encompasses recent development in nano-technological approach towards water and wastewater treatment. The authors tried to compile up to-date development, properties, application, and mechanisms of the nanoparticles used for decontamination purpose. This piece of work offer a well organized comprehensive assessment of the technology that delineates opportunities as well as its limitation in water management practices moreover few recommendations for future research are also proposed.