A large volume of produced water (PW) has been produced as a result of extensive industrialization and rising energy demands. PW comprises organic and inorganic pollutants, such as oil, heavy metals, aliphatic hydrocarbons, and radioactive materials. The increase in PW volume globally may result in irreversible environmental damage due to the pollutants’ complex nature. Several conventional treatment methods, including physical, chemical, and biological methods, are available for produced water treatment that can reduce the environmental damages. Studies have shown that adsorption is a useful technique for PW treatment and may be more effective than conventional techniques. However, the application of adsorption when treating PW is not well recorded. In the current review, the removal efficiencies of adsorbents in PW treatment are critically analyzed. An overview is provided on the merits and demerits of the adsorption techniques, focusing on overall water composition, regulatory discharge limits, and the hazardous effects of the pollutants. Moreover, this review highlights a potential alternative to conventional technologies, namely, porous adsorbent materials known as metal–organic frameworks (MOFs), demonstrating their significance and efficiency in removing contaminants. This study suggests ways to overcome the existing limitations of conventional adsorbents, which include low surface area and issues with reuse and regeneration. Moreover, it is concluded that there is a need to develop highly porous, efficient, eco-friendly, cost-effective, mechanically stable, and sustainable MOF hybrids for produced water treatment.