The elimination of emerging contaminants (ECs) from aquatic environment has become a worldwide concern due to their widespread occurrence and consequent detrimental effects on living organisms. This review aims to highlight the applicability of carbonaceous materials including activated carbon, biochar, carbon nanofibers, graphene, carbon nanotubes (CNTs), and carbon aerogel for ECs removal. This review depicts the versatility of carbonaceous material as an adsorbent, as a catalyst and as a catalyst support for ECs removal. The mechanistic aspects involved in the adsorptive removal of ECs through π-π interactions, electrostatic interaction, n-π interactions, H-bonding, hydrophobic interaction, and pore filling were emphasized. An in-depth discussion on the catalytic properties of carbonaceous materials to activate peroxydisulfate (PS), peroxymonosulfate (PMS), and hydrogen peroxide leading to ECs degradation via radical and non-radical pathways were provided. The significance of carbonaceous materials when employed as catalyst support in photocatalysis, heterogeneous Fenton and catalytic ozonation was exemplified.