In this article, the technical feasibility of the use of activated carbon, synthetic resins, and various low-cost natural adsorbents for the removal of phenol and its derivatives from contaminated water has been reviewed. Instead of using commercial activated carbon and synthetic resins, researchers have worked on inexpensive materials such as coal fly ash, sludge, biomass, zeolites, and other adsorbents, which have high adsorption capacity and are locally available. The comparison of their removal performance with that of activated carbon and synthetic resins is presented in this study. From our survey of about 100 papers, low-cost adsorbents have demonstrated outstanding removal capabilities for phenol and its derivatives compared to activated carbons. Adsorbents that stand out for high adsorption capacities are coal-reject, residual coal treated with H3PO4, dried activated sludge, red mud, and cetyltrimethylammonium bromide-modified montmorillonite. Of these synthetic resins, HiSiv 1000 and IRA-420 display high adsorption capacity of phenol and XAD-4 has good adsorption capability for 2-nitrophenol. These polymeric adsorbents are suitable for industrial effluents containing phenol and its derivatives as mentioned previously. It should be noted that the adsorption capacities of the adsorbents presented here vary significantly depending on the characteristics of the individual adsorbent, the extent of chemical modifications, and the concentrations of solutes.