Erosion‐corrosion (E−C) is one of the most intense forms of metal degradation observed whenever a static metallic material is in contact with dynamic liquid. Efficiency of industrial plant mainly depends upon the condition of various components of the equipment. Collective mechanism of corrosion and erosion results in severe surface deterioration with heavy material loss due to synergistic effect. Erosion‐corrosion is mainly observed in the pipelines used in oil and gas industries, petroleum industries, heat exchanges and mainly in marine equipment. Free flowing saline water, containing different grades of sand particles adversely affect marine equipment. Numerous reports are available discussing the impact of erosion‐corrosion in chemical industries. Single report documenting all types of prototypes, comparative study of erosion corrosion of various engineering materials and control techniques is highly limited. This review gives vivid account of various types of prototypes, comparative study of erosion‐corrosion of various engineering materials, various factors affecting tribology of system and control techniques is a systematic way. Application of corrosion inhibitors appears to be an effective method to reduce erosion‐corrosion. This review highlights the importance of understanding the mechanism of erosion‐corrosion in industrial equipment and provides a succinct overview of erosion‐corrosion synergism.