In recent years, rapid development in the industrial sector has offered console to the people but at the same time, generates numerous amounts of effluent composed of toxic elements like nitrogen, phosphorus, hydrocarbons, and heavy metals that influences the environment and mankind hazardously. While the technological advancements are made in industrial effluent treatment, there arising stretch in the techniques directing on hybrid system that are effective in resource recovery from effluent in an economical, less time consuming and viable manner. The key objective of this article is to study, propose and deliberate the process and products obtained from different industries and the quantity of effluents produced, and the most advanced and ultra-modern theoretical and scientific improvements in treatment methods to remove those dissolved matter and toxic substances and also the challenges and perspectives in these developments. The findings of this review appraise new eco-friendly technologies, provide intuition into the efficiency in contaminants removal and aids in interpreting degradation mechanism of toxic elements by various treatment assemblages.