The phytoremediation potential of macrophytic species has made them an inevitable component of constructed wetlands (CWs) for the treatment of industrial effluents. The macrophytes must have tolerance for the harsh conditions imposed by effluents for an effective establishment of the CW system. In this context, the basic purpose of this work was to investigate the efficacy of five indigenous emergent macrophytes (Brachiaria mutica, Canna indica, Cyperus laevigatus, Leptochloa fusca, and Typha domingensis) for the remediation of tannery effluent in vertical subsurface flow CWs. The ability of each macrophytic species to tolerate pollution load and to remove pollutants from the effluent was assessed. The effect of tannery effluent on the survival and growth of macrophytes was also studied. The treated tannery effluent samples were analyzed for electrical conductivity (EC), pH, biochemical oxygen demand (BOD5), chemical oxygen demand (COD), total dissolved solids (TDS), total suspended solids (TSS), chlorides (Cl−), sulphates (SO42−), oil and grease, and Cr levels. All of the studied macrophytes significantly decreased the pollution load of tannery effluent, and the higher nutrient content of effluent stimulated their growth without any signs of negative health effects. Leptochloa fusca and T. domingensis performed better in removing pollutants and showed higher growth rates and biomass than other tested macrophytes and can be considered preferred species for use in CWs treating tannery effluent. Brachiaria mutica showed morphologically better results than C. indica and C. laevigatus.