One of the essential components of human civilization, water, has been well-researched. Roughly 71% of the Earth's surface is made up of water, 97% of which is salty. Freshwater makes up the remaining 3%, of which just 1% is fit for human use. Additionally, this 1% is dispersed unevenly around the world, which makes freshwater availability a critical problem for many countries. Water stress occurs when there is a lack of insufficient water for usage in homes, businesses, or agriculture. This covers various physical aspects of water resources, such as water availability, flow in the environment, and water quality. Several important factors, including population growth, industrialization, urbanisation, aquifer depletion, climate change, and water pollution cause long-term water crises. Meeting the worldwide demand for clean drinking water in the long-term prospects seems to be unachievable because the total amount of water in the hydrologic cycle stays essentially constant, existing in many forms such as ocean, surface and groundwater, and rains. Nevertheless, climate change is anticipated to impact both the quality and quantity of potentially accessible drinking water by intensifying floods, worsening droughts, and increasing the toxicity of chemical pollutants in the environment. Water contaminants may be classified into two primary categories: point source and nonpoint source. Point source pollution is derived from specific and easily identified sources, while nonpoint source pollution is derived from a variety of various sources. In addition, water pollutants may be categorized into several categories depending on their basic physicochemical characteristics. These types include radioactive in nature, thermal energy, microorganism-related, nutrient-based, suspended elements and sediments, as well as organic and inorganic pollutants. The toxic nature of industrial effluent-containing dyes poses a considerable concern since they contain damaging and carcinogenic contaminants such as heavy metals, volatile organic substances, strong odours, and other hazardous elements. This poses a substantial threat to both human welfare and aquatic ecosystems. The main sources of these hazardous pollutants are from sectors such as textiles and clothing, leather products, printing, paper production, cosmetics, also medicines, processing of food, and animal feed making. Every year, approximately 1.6 million tons of dyes are manufactured. The dyeing industry commonly utilizes various organic components, predominantly employing reactive dyes, dispersed dyes, vat dyes, and direct dyes. Various industries, including metal plating, mining, tanneries, painting, automotive radiator production, and agriculture, significantly impact the pollution of heavy metals in aqueous waste streams. These industries produce toxic waste that contains non-biodegradable heavy metals like Cu, Zn, Cr, Pb, Hg, and Cd, which contaminate water resources, including groundwater. The accumulation of these heavy metals in living organisms can result in various health issues. For example, Chromium poses a severe threat to both plants and animals, causing catastrophic illnesses. This review aims to address the issue of environmental pollution caused by dyes and heavy metals. To tackle this problem, spinel ferrites are proposed as a potential solution. This type of material has shown promising results in effectively removing these pollutants and mitigating their harmful effects on humans, animals, and the environment.