Large quantities of iron-ore tailings are being generated annually in the world from mining and processing of iron ores. It has been estimated that around 10-15% of the iron ore mined in India has remained unutilized and discarded as slimes during mining and subsequent processing. Soil contamination resulting from mining activities affects surrounding flora and fauna and presents a large clean-up challenge to the mining industry. Innovative new methodologies have been proposed and among the most promising are those that rely on new phytoremediation technology. In this paper we address and review the status of phytoremediation as a technology to reduce and control contaminated mine wastes. Several different approaches and different plant species are used to remove environmentally toxic metals from mine waste sites. Such approaches have the objective of restoring mining waste sites to human and animal use, or at least, to curtail or eliminate the off-site movement of toxic entities that potentially could reach humans. How well phytoremediation performs as an alternative soil restoration technology depends on several factors, including the composition of soil, toxicity level of the contaminant, degree to which plant species fit natural local growth patterns and type of concentration of metal/contaminant in such plants. Phytoremediation has opened prospects for less costly, yet practicable approaches to clean-up contaminated waste sites, particularly those associated with mineral extraction mining. We discuss several plant species that are capable of phytoextracting and/or phytostabilizing harmful elements from contaminated soil and water; such processes are prospectively effective for addressing waste problems that derive from mining and processing activities, as well as those that derive from mitigating the threat posed by waste that surrounds mining sites. Unfortunately, phytoremediation is still in the embryonic stage, and more research is needed to find the plant species that will be most effective for addressing different mining waste scenarios. Such plants must be able to survive and even thrive in heavily contaminated soil and be able to mitigate the pollutants that exist in the soil in which these plants will grow.