This study reviews key aspects of utilizing superconductors in wastewater treatment. It analyzes the interplay between magnetic fields and treatment processes, with a particular focus on the application of superconductors. The potential of MgB2 superconductors is evaluated based on their inherent properties, alongside an exploration of the challenges and future opportunities associated with their potential implementation. A comprehensive literature review demonstrates the efficacy of magnetic fields in eliminating or drastically removing heavy metals, especially from industrial wastewater streams, through magnetic separation techniques. This review compares the efficiency of magnetic separation to conventional treatment methods, highlighting its potentials. Critical factors such as magnetization in wastewater, magnetic gradients, and magnetic memory are identified and discussed as crucial elements in optimizing magnetic separation processes. Furthermore, the study draws upon extensive research to investigate the technical considerations associated with magnetic wastewater treatment, ultimately evaluating the role of superconductors, particularly MgB2, in advancing this technology. The feasibility and future prospects of MgB2 superconductors within the context of wastewater treatment are also explored.