Magnetic ferrite nanoparticles have a broad application in wastewater treatment, and the interest in applying these particles specifically in waste treatment is growing. However, the gap in understanding how ferrite properties that are controllable through synthesis methods affect wastewater treatment efficiency needs to be better explained. In this review, we assess the analysis of the most impactful publications to highlight the controllable ferrite nanoparticles’ properties through the different synthesis methods and their parameters connected to wastewater treatment efficiency. For a long time, ferrite nanoparticles were seen as adsorbents suitable for physically removing pollutants, but recent studies show that these nanostructures could be suitable for UV and visible light-induced photocatalytic decomposition of contaminants.