Abstract Eosin Y (EY) is a toxic dye and has adverse effects on human beings as well as on aquatic organisms. During the last few decades, various methods such as physio-chemical and biological methods have been reported for the degradation of this toxic dye. Many researchers reported degradation of EY using different polymer stabilized metal nanoparticles synthesized employing green methods. Mono-metallic nanoparticles (MNPs) stabilized by polymeric systems are the most widely used tools for the degradation of many toxic dyes including EY. Characterization as well as morphology assessment of the nanoparticles is done by different analytical techniques including UV-visible, FTIR, SEM, TEM and XRD. In this review article, synthesis, characterization, chemistry of the polymeric stabilized nanoparticles has been reported. In addition, mechanism, kinetics and thermodynamics of catalytic degradation of EY using polymeric stabilized nanoparticles, have been discussed. This review also carries the discussion on various nano catalytic systems which have been used for the degradation of EY to link the most recent work on water purification from EY dye. This review will be helpful in understanding the spectrum of already published work describing role of polymeric stabilized nanoparticles for EY degradation. It will also motivate researchers to design their future work and commercial applications of polymeric stabilized nanoparticles.