The iron and steel industries are a vital driving force for propelling the nation’s economic growth. In 2019, to boost the economy and to achieve the target of five trillion economies by 2024, government of India entails investments in several steel-related sectors. However, since their inception, steel and iron industries have been coupled with extensive environmental pollution and vast water utilization. Discharged effluent from the different units of plant loaded with toxic, hazardous, and unused components which have various harmful environmental and health impacts and need treatment. In the present review, the pollutants treatment efficiency of various treatment techniques, effluent volume product quality, and various measures for sound management of wastewater are reviewed. As most conventional wastewater treatment methods are not sufficient for complete reclamation and remediation of effluent, the potential of more advanced treatment such as membrane separation and membrane bioreactors is relatively untouched. In the end, this paper concluded that the integrated system combining chemical treatment with membrane separation can ensure a worthy rate of pollutant removal. Reuse and effective management of wastewater with process intensification guarantee commercial viability and eco-friendliness.