Membrane technology is a growing tool for contaminants removal from polluted water. Although various types of polymeric membranes have been developed for water remediation, the common drawbacks like fouling, hydrophobicity and low mechanical strength are yet to be suitably addressed. Most of the research is directed towards the development of polymer nanocomposites viz., incorporating different nanomaterials into polymer matrices enhancing bare polymer matrices' properties. In this paper, we discuss different strategies for preparing polymer nanocomposite membranes, their performance, and critical issues to be addressed. In addition, we discussed the scalability and the economic feasibility of membrane-based systems for wastewater treatment.