Corn oil is a major agricultural commodity, and it is a staple in kitchens worldwide. This comprehensive review aims to provide a holistic understanding of corn oil processing, composition, nutritional benefits, properties, and market dynamics. The processing of corn oil poses challenges in achieving optimal extraction efficiency while addressing environmental concerns. Currently, hexane‐extracted corn oil dominates the market, with cold‐pressed corn oil being a niche product. Ongoing efforts within the industry focus on exploring alternative, environmentally friendly extraction methods such as critical CO2 and enzymatic‐assisted extraction. Corn oil is recognized for its rich composition in monounsaturated and polyunsaturated fats, tocopherol content, and potential antioxidant benefits. However, its high omega‐6 fatty acid content, while contributing to its stability, has raised discussions about its potential impact on inflammatory responses when consumed excessively. Due to its high smoke point, corn oil is suitable for high‐temperature cooking without compromising its neutral taste. Yet, its oxidation stability is lower compared to other commercial oils. Relying on oleic‐rich varieties or incorporating antioxidants could help enhance its stability and mitigate potential oxidative concerns. In the future, advancements in processing technologies promise to elevate the nutritional profile of corn oil, aligning it with the evolving preferences of health‐conscious consumers and addressing sustainability concerns.Practical Applications. This review provides crucial insights into the processing, nutritional profile, and market dynamics of corn oil, benefiting researchers and industry professionals. By understanding the challenges and advancements in extraction methods, researchers can develop more sustainable and efficient processes. The detailed analysis of corn oil's composition and functionality provides practical solutions for improving product shelf‐life and quality. This comprehensive review supports the optimization of corn oil production and utilization and aids in positioning corn oil as a competitive and versatile option in the global vegetable oil market.