The degradation of materials due to erosion–corrosion occurs on the components that handle particle-laden corrosive slurry. The combined attack of mechanical erosion and corrosion shows increased material loss than the individual action of erosion and corrosion. The synergy accelerates material removal by eroding the corroded surface layer and corroding the surface due to the elimination of the passivating oxide layer by erosion. The synergism of erosion–corrosion is found to be more complex. Further, the coupled effect of mechanical erosion and electrochemical corrosion and the factors influencing erosion–corrosion still needs to be fully investigated. This review aims to provide a general and detailed summary of the interaction between erosion and corrosion of materials for the applications of pump impellers, pipelines for desalination, and oil and gas transportation. Importance is also given to the factors influencing erosion–corrosion, such as erodent particle properties (hardness, size, and shape), slurry properties (particle concentration, pH value, temperature), and flow characteristics (impingement angle, velocity). The various erosion models and the most used apparatus have also been reviewed.