Industrial wastes, such as, fly ash, blast furnace slag and sludge, black liquor lignin, red mud, and waste slurry, etc. are currently being investigated as potential adsorbents for the removal of the heavy metals from wastewater. It was found that modified industrial wastes showed higher adsorption capacity. The application of low-cost adsorbents obtained from the industrial wastes as a replacement for costly conventional methods of removing heavy metal ions from wastewater has been reviewed. The adsorption mechanism, influencing factors, favorable conditions, and competitive ions etc. on the adsorption of heavy metals have also been discussed in this article. From the review, it is evident that certain industrial waste materials have demonstrated high removal capacities for the heavy metals laden with wastewater. However, it is to be mentioned that adsorption capacities of the adsorbents vary depending on the characteristics of the adsorbents, the extent of chemical modification and the concentration of adsorbates. There are also few issues and drawbacks on the utilization of industrial wastes as low-cost adsorbents that have been addressed. In order to find out the practical utilization of industrial waste as low-cost adsorbents on the commercial scale, more research should be conducted in this direction.