Water, being an essential element for the survival of living organisms, requires to be free from contaminants and pollutants. These contaminants are generally of organic, biological, microbial or inorganic nature, and all these contaminants pose severe hazards to human health upon consumption through the water. The high concentration of heavy metal ions is being found in water resources owing to the ever-increasing anthropogenic as well as industrial activities. Some of the heavy metals are crucial for the development and functioning of the human body, whereas some are toxic. In any case, consumption of any heavy metal beyond the accepted guideline values can lead to the rise of health complications. Researchers are effectively using magnetic nanoferrites as nanoadsorbents for water treatment. Specially designed magnetic nanoferrites have been found to provide as high as 99% elimination of selective heavy metal ions from the contaminated water. The present study reviews the recent researches conducted in the last two decades in the area of health hazards posed by prolonged consumption of heavy metal ions through consumable water and about using magnetic nanoferrites, their composites and derivatives for efficient removal of different kinds of heavy metal ions.