Traditional wastewater treatment methods, such as reverse osmosis, adsorption, desalination, and others, are outweighed by the photocatalytic degradation of organic pollutants. Ferrites are prominent photocatalysts due to their tunable band gaps, surface areas, and magnetic properties, which render photodegradation economical. Ferrites and their nanocomposites have been reported as promising visible light active photocatalysts. The photocatalytic system is heavily reliant on a number of factors that influence the photodegradation of organic effluents. This review demonstrates various parameters such as substrate concentration, pH of solution, photocatalyst quantity, photocatalyst surface area, metal and non-metal ion doping, light intensity, irradiation time, quenchers, etc. affecting the photocatalytic degradation of organic effluents by ferrite nanoparticles and their nanocomposites in detail. The photodegradation efficiency of the ferrite nanoparticles alters with the change in the value of pH of the solution, which further depends upon the nature of the pollutant used. A dose of the substrate and the photocatalyst must be optimized so as to attain better photodegradation efficiency. Photocatalysts with different surface areas change the amount of active sites, which in turn affects the degradation of pollutant and render it a crucial factor. In addition, the mechanism of the action of photocatalysis is elaborated in this review. Future research perspectives for the advancement of ferrites and their nanocomposites are deliberated in order to improve their use as photocatalysts.