Nanosponges have shown promising capabilities for efficient removal of organic/inorganic pollutants from water based on absorption/adsorption and disinfection processes. The application of nanosponges (especially cyclodextrin-based nanosponges) can be considered a cost-effective strategy with minimal energy and time requirements in comparison to other routinely deployed water treatment modalities. These polymers with unique physicochemical properties, architectures, and highly cross-linked three-dimensional networks need to be further explored for removing pollutants with simultaneous eliminations of microbial contaminants from wastewater. Additionally, the surface functionalization of these nanosponges utilizing magnetic, titanium dioxide, and silver nanomaterials can significantly improve their properties for water remediation purposes, although nanosponges altered with carbon nanotubes and metallic nanomaterials/nanocatalysts for water treatment appliances are barely explored. Notably, crucial factors such as adsorbent type/dosage, contact time, competing ions, adsorption isotherm models, kinetics, thermodynamics, and reaction/experimental conditions (e.g., molar ratios, temperature, and pH) are important aspects affecting the adsorption and removal of pollutants using nanosponges. Furthermore, the nanotoxicity and biosafety of these nanosponge-based systems utilized for water treatment should be comprehensively evaluated. Herein, recent advancements in the design and deployment of nanosponge-based systems for removing organic/inorganic pollutants from water and wastewater are deliberated with an emphasis on challenges and perspectives.