Wastewater generation and treatment is an ever-increasing concern in the current century due to increased urbanization and industrialization. To tackle the situation of increasing environmental hazards, numerous wastewater treatment approaches are used—i.e., physical, chemical, and biological (primary to tertiary treatment) methods. Various treatment techniques being used have the risks of producing secondary pollutants. The most promising technique is the use of different materials as adsorbents that have a higher efficacy in treating wastewater, with a minimal production of secondary pollutants. Biosorption is a key process that is highly efficient and cost-effective. This method majorly uses the adsorption process/mechanism for toxicant removal from wastewater. This review elaborates the major agricultural and non-agricultural materials-based sorbents that have been used with their possible mechanisms of pollutant removal. Moreover, this creates a better understanding of how the efficacy of these sorbents can be enhanced by modification or treatments with other substances. This review also explains the re-usability and mechanisms of the used adsorbents and/or their disposal in a safe and environmentally friendly way, along with highlighting the major research gaps and potential future research directions. Additionally, the cost benefit ratio of adsorbents is elucidated.