<p>The escalating contamination of wastewater with pharmaceuticals, heavy metals, and dyes constitutes a pressing environmental challenge due to their toxicity and bioaccumulation resistance to conventional degradation. Conventional techniques of treatment often show limited selectivity and efficiency, which has amplified the need for more advanced separation methods. Emulsion liquid membranes (ELM) have emerged as a highly promising technology, distinguished by their optionally high mass transfer, large interfacial surface area, and simultaneous extraction or stripping capabilities. This review discusses the important aspects of ELM systems, including their mechanisms, components, preparation techniques, and common challenges such as emulsion instability, swelling, and membrane breakage. A comparison with Supported Liquid Membrane (SLM) and Bulk Liquid Membrane (BLM) is also presented to explain the preference for ELM. The study further reviews the application of ELM in removing pharmaceuticals, heavy metals, and dyes, with importance on key influencing factors such as surfactant ratio, carrier type, and operating conditions. Addressing the importance of demulsification in improving recovery and system performance is also shown. The development in the use of nanomaterials for Pickering emulsion stabilization, along with ionic liquids ([BMIM][PF₆] and cholinium-based ILs] and companion two types, are also reviewed as promising methods to enhance membrane stability and efficiency. ELM is considered an effective and selective technique for wastewater treatment, offering strong potential for future applications despite existing operational limitations.</p>