For the past 15 years, nanoscale metallic iron (nZVI) has been investigated as a new tool for the treatment of heavy metal contaminated water. The removal mechanisms depend on the type of heavy metals and their thermodynamic properties. A metal whose redox potential is more negative or close to the reduction potential of Fe(0) is removed by the reduction process, while the others will be mediated by precipitation, complexation or other sorption processes. This review summarises our contemporary knowledge of nZVI aqueous chemistry, synthesis methods, mechanisms and actions (practical experiences) of heavy metal (Cd, Cu and Pb) removal and challenges of nZVI practical applications. Its inner core (iron(0)) has reducing ability towards pollutants, while the iron oxide (FeO) outer shell provides reaction sites for chemisorption and electrostatic interactions with heavy metals. Emerging studies highlighted that nZVI surfaces will have negatively charged species at higher pH and have good affinity for the removal of positively charged species such as heavy metals. Different sizes, shapes and properties of nZVI have been produced using various methods. Ferric salt reduction methods are the most common methods to produce stable and fine graded nZVI. Higher uptake of copper(II), lead(II) and cadmium(II) has also been reported by various scholars. Practical pilot tests have been conducted to remove heavy metals, which gave highly satisfactory results. Challenges such as agglomeration, sedimentation, magnetic susceptibility, sorption to other fine materials in aqueous solution and toxicity of microbiomes have been reported. Emerging studies have highlighted the prospects of industrial level application of nano zero valent particles for the remediation of heavy metals and other pollutants from various industries.