Fly ash (FA) and red mud (RM) are industrial byproducts generated by thermal power plants and the aluminum industry, respectively. The huge generation of FA and RM is a significant global issue, and finding a safe and sustainable disposal method remains a challenge. These dumps contain harmful trace elements that have a significant impact on the environment and human health. It contributes to air, water, and soil pollution, disrupting the delicate balance of the ecosystems. It also introduces toxins into the food chain through biomagnification. Utilizing a vegetation cover can assist in addressing environmental health concerns associated with FA and RM dumps. Nevertheless, the presence of alkaline pH, toxic metals, the absence of soil microbes, and the pozzolanic properties of both FA and RM pose challenges to plant growth. Taking a comprehensive approach to the ecological restoration of these dumps through phytoremediation is crucial. This review examines the role of various factors in the ecological restoration of FA and RM dumps, specifically the use of naturally occurring plants. However, the issue of slow plant growth due to a lack of nutrients and microbial activities is being resolved through various advances, such as amendments in conjunction with organic matter, microbial inoculants, and the use of genetically modified plants. Research has demonstrated the benefits of using amendments to stimulate vegetation growth on FA and RM dumps. In this review, we explore various approaches to restoring FA and RM dumps and transforming them into productive sites that enhance the ecosystem services.