Colored effluents containing dyes from various industries pollute the environment and pose problems in municipal wastewater treatment systems. Industrial effluents consist of a mixture of dyes and require study of the simultaneous removal of dyes. Simultaneous quantification of dyes in the solution is a common problem while using a spectrophotometric method due to overlapping of their absorption spectra. Derivative spectroscopy and chemometric methods in spectrophotometric analysis facilitate simultaneous quantification of dyes. Adsorption is a widely used treatment method for the removal of a mixture of recalcitrant dyes in industrial wastewaters. Confirming the assertion, this paper presents a state-of-the-art review on methods used for simultaneous quantification of dyes and the effects of various parameters on their adsorptive removal. This paper also reviews the adsorption equilibrium, modeling, mechanisms of dyes adsorption, and adsorbent regeneration techniques in multicomponent dye systems. It has been observed that chemometric techniques provide accuracy, repeatability, and high speed in processing and helps in better operability in real wastewater treatment plants. The conclusions include the need for the development of thermodynamic models that can predict simultaneous physisorption and chemisorption exhibited by different dyes and to develop isotherm models that can describe chemisorption of a mixture of dyes. The paper delves into inadequately researched gray areas of adsorption of a mixture of dyes which require the development of modified adsorption methods that serves process intensification for complete degradation/mineralization.