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Ferrites are important magnetic materials used in electronic devices. Nanocomposites of ferrites with TiO₂, SiO₂ and carbon quantum dots have gained recent interest due to their unique advantages, such as high chemical stability, surface-active sites, high specific surface area, non-toxicity, excellent optical properties, and tunable porosity. In the present review, general and adaptable coprecipitation, sol–gel, hydrothermal, solvothermal, and Stöber methods for the fabrication of nanocomposites are discussed. These materials offer the advantage of magnetic recovery and superior photocatalytic performance. The potential of nanocomposites to act as photocatalysts to eliminate organic pollutants and microbes from water is discussed. Mechanisms involved in these applications are also elaborated upon. The review provides a detailed study of recent applications and future perspectives of nanocomposites in sustainable water treatment.