Industrialization and urbanization have improved our ways of living but on the other hand, they have polluted the environment to a great extent. The activities such as mining, textile dyeing, use of harmful metals for various purposes have resulted in an environment contaminated with heavy metals and toxic dyes. These toxic nondegradable compounds lead to dangerous impacts on both the environment and human beings. There have been efforts to reduce the contamination load from the environment by employing various physical and chemical procedures, but these remedies are found to be less effective, high energy intensive, and are reported to cause secondary pollution. So, the focus shifted to biological and nanoparticles-based remediation procedures. The biological techniques are found to be less efficient and the nanoparticles synthesis causes pollution. Here in this article, a novel and green approach, phytonanoremediation, to fight against environmental pollution has been reviewed. Phytonanoremediation is combination of nanotechnology and plant biotechnology, which is used for environmental remediation purposes. By employing plants for the green synthesis of nanoparticles, we can eliminate the production of toxic by-products during the synthesis. This method provides high efficiency and is cheap to be employed at large scale. This article discusses the potential of phytonanoremediation for heavy metals and dyes and associated challenges.