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The ultrasound method is a low-cost, environmentally safe technology that may be utilized in the petroleum industry to boost oil recovery from the underground reservoir via enhanced oil recovery or well stimulation campaigns. The method uses a downhole instrument to propagate waves into the formation, enhancing oil recovery and/or removing formation damage around the wellbore that has caused oil flow constraints. Ultrasonic technology has piqued the interest of the petroleum industry, and as a result, research efforts are ongoing to fill up the gaps in its application. This paper discusses the most recent research on the investigation of ultrasound’s applicability in underground petroleum reservoirs for improved oil recovery and formation damage remediation. New study areas and scopes were identified, and future investigations were proposed.