Nowadays, the fast expansion of the economy and industry results in a considerable volume of wastewater being released, severely affecting water quality and the environment. It has a significant influence on the biological environment, both terrestrial and aquatic plant and animal life, and human health. Therefore, wastewater treatment is a global issue of great concern. Nanocellulose’s hydrophilicity, easy surface modification, rich functional groups, and biocompatibility make it a candidate material for the preparation of aerogels. The third generation of aerogel is a nanocellulose-based aerogel. It has unique advantages such as a high specific surface area, a three-dimensional structure, is biodegradable, has a low density, has high porosity, and is renewable. It has the opportunity to replace traditional adsorbents (activated carbon, activated zeolite, etc.). This paper reviews the fabrication of nanocellulose-based aerogels. The preparation process is divided into four main steps: the preparation of nanocellulose, gelation of nanocellulose, solvent replacement of nanocellulose wet gel, and drying of nanocellulose wet aerogel. Furthermore, the research progress of the application of nanocellulose-based aerogels in the adsorption of dyes, heavy metal ions, antibiotics, organic solvents, and oil-water separation is reviewed. Finally, the development prospects and future challenges of nanocellulose-based aerogels are discussed.