Research on contamination of groundwater and drinking water is of major importance. Due to the rapid and significant progress in the last decade in nanotechnology and its potential applications to water purification, such as adsorption of heavy metal ion from contaminated water, a wide number of articles have been published. An evaluating frame of the main findings of recent research on heavy metal removal using magnetic nanoparticles, with emphasis on water quality and method applicability, is presented. A large number of articles have been studied with a focus on the synthesis and characterization procedures for bare and modified magnetic nanoparticles as well as on their adsorption capacity and the corresponding desorption process of the methods are presented. The present review analysis shows that the experimental procedures demonstrate high adsorption capacity for pollutants from aquatic solutions. Moreover, reuse of the employed nanoparticles up to five times leads to an efficiency up to 90%. We must mention also that in some rare occasions, nanoparticles have been reused up to 22 times.