Contamination triggered by toxic metal ions and dyes is a foremost menace to the environment and its inhabitants. Industries including metal plating, paints, and battery engineering are responsible for the delivery of metal ions and toxic dyes in the environment. In remediation to this, it is important to eradicate these toxic elements from the environment. Molecular-imprinted polymers (MIPs) can be used for discerning adsorption of these toxic elements. This technology is based on the principle of "lock and key" initially used as enzymes for substrate recognition. A class of polymerization techniques can be used in developing a MIP initiated by the self-assembled functional monomers around the molecules of templates due to "functional group-template" and "functional group-monomer" interactions. The advantage of this technology is that the adsorption removes metal and dye effluents from the sample, and the desorption makes the binding sites reusable for the next cycle. The goal of this Review is to cover the principles, techniques, and applications of various MIPs in the elimination of heavy metal ions and some common toxic dyes with notable comparative and quantitative viewpoints. It also comprises the accounts of noteworthy scientific research in MIP technology, with their significant adsorption capacities and reusability, that can be resourcefully used for toxicity removal progressions on the industrial level for making a healthy and hearty environment.