This article provides an overview of current research activities on the synthesis and applications of magnetic nanocomposites, especially highlights their potential environmental remediations such as heavy metal (Cr, As, Pd, Hg) removal. After a brief introduction of the emergency situation of heavy metal pollution all over the world and current techniques designed to deal with these situations, different synthetic methods to fabricate various types of magnetic nanocomposites will be reviewed. The focus is to reveal the advantages of magnetic nanocomposites as an efficient adsorbent which is able to reduce the heavy metal concentrations well below the EPA requirement. At the same time, the conventional process can be redesigned to be an economic and energetic one without using extra energy to recycle the adsorbent, which is desired for future. This review mainly deals with the heavy metal removal using magnetic nanocomposites, the adsorption behaviors of heavy metal ions on the surface of novel adsorbents are well investigated including the concentration effect of both contaminants and adsorbents, adsorption kinetics, solution pH effect with regards to real application.