Heavy metal contamination is an escalating global concern, particularly due to the rise in industrial and urban activities. In developing countries, the combination of inadequate water and wastewater treatment and increased industrial activity has led to higher levels of heavy and toxic metal contamination in waterbodies such as rivers, lakes, and other fresh water resources. To address such issues, vast research activities have been conducted to assess the effectiveness of various innovative adsorbents for removing heavy metals. The removal and recovery of precious noble metals are crucial due to their higher cost and significant environment related impacts. Palladium (Pd) is widely used in industries such as automotive, electronics, jewellery, pharmaceuticals, and catalysis. Its recovery has become increasingly important. Palladium is a valuable silvery white metal which belongs to the platinum group, which also includes rhodium, iridium, platinum, ruthenium, and osmium. It is extensively used because of its attractive chemical and physical properties such as, excellent ductility, malleability, low melting point, hardness, and ease of rolling. This chapter explores the application of various types of ion exchange materials which can be utilized for the removal of palladium, such as agricultural waste materials, microbial biosorbents, metal organic frameworks (MOFs), and zeolites. These extraction methods are evaluated based on the efficiency in palladium removal, adsorption capacity, ability for regeneration, and other relevant parameters. This chapter provides insights into the applicability of significant materials/adsorbents which has been used recently for the removal of palladium metal from the aqueous solutions, industrial wastes, and spent catalysts.