Cavitation, as a unique technology for influencing liquid substances, has attracted much attention in the oil refining industry. The unique capabilities of cavitation impact can initiate the destruction of molecular compounds in the liquid. At the same time with a large number of successful experimental studies on the treatment of liquid hydrocarbon raw materials, cavitation has not been introduced in the oil refining industry. Often the impossibility of implementation is based on the lack of a unified methodology for assessing the intensity and threshold of cavitation creation. The lack of a unified methodology does not allow for predicting the intensity and threshold of cavitation generation in different fluids and cavitation-generating devices. In this review, the effect of cavitation on various rheological properties and fractional composition of liquid hydrocarbons is investigated in detail. The possibility of using the cavitation number as a single parameter for evaluating the intensity and threshold of cavitation generation is analyzed, and the limitations of its application are evaluated. The prospects of introducing the technology into the industry are discussed and a new vision of calculating the analog of cavitation numbers based on the analysis of the mutual influence of feedstock parameters and geometry of cavitators on each other is presented.