Currently, a large amount of pharmaceutical waste (PW) and its derivatives are being produced and, in some cases, inadequate management or treatment practices are applied. In this regard, this research explores the adoption of several alternatives to deal with these problems, including biocarbon within the framework of the circular economy. Photocatalytic nanomaterials have been also extensively discussed as a feasible way to remove pharmaceutical compounds in wastewater. Although there are existing reports in this area, this document provides a detailed study of the synthesis process, experimental conditions, the integration of photocatalysts, and their impact on enhancing photocatalytic efficiency. Additionally, the low cost and ease of fabrication of lab-scale microbial fuel cells (MFCs) are thoroughly examined. This innovative technology not only facilitates the degradation of hazardous compounds in wastewater but also harnesses their energy to generate electricity simultaneously. The aforementioned approaches are covered and discussed in detail by documenting interesting recently published research and case studies worldwide. Furthermore, this research is of significant importance because it addresses the valorization of PW by generating valuable by-products, such as H₂ and O₂, which can occur simultaneously during the photodegradation process, contributing to more sustainable industrial practices and clean energy technologies.