Increased productions of waste from industries have persuaded in sustainable and naturally stable methods to reuse the waste. Utilization of wastes for the synthesis of nanomaterial is of significant importance due to its extensive variety of uses in various industrial sectors. This review focuses on potential options available for nanomaterial synthesis from waste produced by industrial activities and manufacturing processes. Possible application of industrial waste derived nanomaterial for the expulsion of organic and inorganic contaminants is discussed. Furthermore, the future opportunities and challenges in this emerging research area of converting industrial waste to nanomaterials are addressed.