Carbon–steel pipelines have mostly been utilized in the oil and gas (OG) industry owing to their strength and cost-effectiveness. However, the detection of corrosion under coating poses challenges for nondestructive (ND) pipeline monitoring techniques. One of the challenges is inaccessibility because of the pipeline structure, which leads to undetected corrosion, which possibly leads to catastrophic failure. The drawbacks of the existing ND methods for corrosion monitoring increase the need for novel frameworks in feature extraction, detection, and characterization of corrosion. This study begins with the explanations of the various types of corrosion in the carbon–steel pipeline in the OG industry and its prevention methods. A review of critical sensors integrated with various current ND corrosion monitoring systems is then presented. The importance of acoustic emission (AE) techniques over other ND methods is explained. AE data preprocessing methods are discussed. Several AE-based corrosion detection, prediction, and reliability assessment models for online pipeline condition monitoring are then highlighted. Finally, a discussion with future perspectives on corrosion monitoring followed by the significance and advantages of the emerging AE-based ND monitoring techniques is presented. The trends and identified issues are summarized with several recommendations for improvement in the OG industry.