Phenols and their byproducts are categorized as strong water pollutants that produce unpleasant tastes and smells. The main sources of phenols contamination in aquatic environments are the effluents from the paint, pesticide, pharmaceutical, chemical, petroleum, and petrochemical industries. Phenolic compounds as pollutants are found to be present in contaminated industrial effluents. The accumulation of phenols in usable water may cause considerable public health challenges and the death of aquatic creatures at higher concentrations. Various techniques, such as biodegradation, activated carbon adsorption, adsorption solvent extraction and chemical oxidation have been explored for the bioremediation of phenolic compounds from wastewater, but they have some drawbacks like high costs, limited applicability to a shorter concentration range, the creation of toxic by-products, and incomplete purification. Phytoremediation is one of the promising bioremediation methods that are attracting the scientific community due to their environmentally friendly, cost-effective, and sustainable nature. In phytoremediation method, use of floating aquatic macrophytes has noticeable role in phenols bioremediation. Many aquatic macrophytes have been studied for their potential role in the degradation of phenolic compounds but studies are very less. Thus, the main purpose of this chapter is to evaluate the efficacy of some studied aquatic macrophytes like Lemna gibba L., Lemna minor L., Typha domingensis Pers., and Eichhornia crassipes (Martius) Solms. as green biomaterials in the phenolic compounds’ removal from effluent. Sources of phenolic pollutions, health concerns, challenges, and removal by other biological methods (like bacterial, fungal and algal) have also been briefly discussed along with the possible challenges and future prospects.