Herein, the porous adsorbent material (PS-SAS) was prepared by introducing a large number of carboxyl groups on the benzene ring of waste polystyrene (WPS) by Friedel-Crafts acylation reaction using succinic anhydride as the modifying group, followed by further alkaline modification, and was used for the removal of hazardous dye and heavy metal ion. The chemical structure and surface morphology of the prepared adsorbent were assessed via Fourier transform infrared spectroscopy (FTIR), scanning electron microscopy (SEM), optical microscope (OM), Brunauer–Emmett–Teller (BET), X-ray photoelectron spectroscopy (XPS), X-ray diffraction (XRD), and thermogravimetric analysis (TGA). The prepared adsorbent gave highly efficient separation performance towards malachite green (MG) and Cu2+ with corresponding maximum sorption capacities of 2231 mg/g and 156 mg/g at 298 K. The experimental data indicated that the sorption process followed the Langmuir adsorption isotherm and the pseudo-second-order kinetic model. Moreover, thermodynamic studies also demonstrated that the sorption process occurred spontaneously. The adsorption mechanisms of the adsorbent for MG include hydrogen bonding, electrostatic attraction, n-π interactions, and π-π interactions, while for Cu2+ via electrostatic attraction, ion exchange, and complexation. Furthermore, the selective adsorption, regeneration, dynamic sorption, and simulated wastewater experiment demonstrated that the adsorbent is a promising adsorbent. And phytotoxicity test proved that the prepared adsorbent can effectively reduce the toxicity of dye and metal ions. In summary, the transformation of waste polystyrene into an adsorbent represents a promising solution for water purification.