Access to safe water is a fundamental human need, but with such skyrocketing contamination levels of this lifeblood resource, its implications threaten serious danger to global health, and by extension, that calls for the urgent application of emerging technologies. Water sources are contaminated by a variety of organic, inorganic, and biological agents. The main organic pollutant from among these contaminants is oily sludge from petroleum refineries, which contributes significantly to hazardous waste, thereby necessitating proper disposal. While several advanced wastewater treatment methods have been developed to enable reuse of water, most of these are limited by the continued presence of pollutants. Innovation in technology coupled with monitoring has been perceived as critical to effective water management. Optimization of the use of nanomaterials for its efficiency in treating different concentrations of pollutants is key in obtaining environmental sustainability. The occurrence of nanomembranes has generated new opportunities for softening water, along with the removal of a great range of contaminants, in wastewater treatment. It is proper to appraise these technologies regarding their sustainability so that undesirable consequences are not encouraged. The chapter discusses an overview of different nanomaterials and how to present the effectiveness of such nanomaterials for advanced wastewater treatment concerning environmental, economic, and social factors.