Remote sensing technologies and machine learning (ML) algorithms play an increasingly important role in accurate detection and monitoring of oil spill slicks, assisting scientists in forecasting their trajectories, developing clean-up plans, taking timely and urgent actions, and applying effective treatments to contain and alleviate adverse effects. Review and analysis of different sources of remotely sensed data and various components of ML classification systems for oil spill detection and monitoring are presented in this study. More than 100 publications in the field of oil spill remote sensing, published in the past 10 years, are reviewed in this paper. The first part of this review discusses the strengths and weaknesses of different sources of remotely sensed data used for oil spill detection. Necessary preprocessing and preparation of data for developing classification models are then highlighted. Feature extraction, feature selection, and widely used handcrafted features for oil spill detection are subsequently introduced and analyzed. The second part of this review explains the use and capabilities of different classical and developed state-of-the-art ML techniques for oil spill detection. Finally, an in-depth discussion on limitations, open challenges, considerations of oil spill classification systems using remote sensing, and state-of-the-art ML algorithms are highlighted along with conclusions and insights into future directions.