For the past few years, significant research contribution has been made in the field of magnetic nanoparticles simply due to their vast applications in cancer therapy, catalysis, environmental remediation etc. The presence of heavy metal ions such as lead, mercury, cadmium, chromium, zinc, nickel, arsenic. Arsenic etc. which are introduced into the water bodies from industrial effluents make it unfit for drinking purpose. These metal ions are deadly dangerous to both aquatic oraganisms and huamans on exposure or ingestion. Various strategies have been adopted for the removal of both inorganic and organic contaminants from waste water. This chapter presents a brief overview of the use of magnetic nanoparticles for the effective removal of common heavy metal pollutants found in waste water. The hazardous effects of heavy metal poisoning, their sources, common methods of synthesis of magnetic nanoparticles and their emerging potential for the detection and effective removal of heavy metal ions from waste water are discussed.