Microfluidic devices are miniaturized systems that manipulate fluids on a small scale, typically at microlitre or nanolitre volumes. They have received significant attention in various industries, including petroleum applications. The recent advancements in microfluidic devices for petroleum applications have the potential to improve oil recovery efficiency, reduce costs, and provide valuable insights into fluid behaviour and reservoir characterization. This paper aims to provide a comprehensive overview of microfluidic devices, their materials, and their applications in the petroleum industry. The first section of the paper focuses on describing the materials used in microfluidic devices specifically tailored for energy sector applications. In the second section, the paper highlights relevant applications and discoveries in petroleum research, showcasing the innovative techniques and special features enabled by microfluidic devices. These applications include but are not limited to asphaltenes characterization, enhanced oil recovery (EOR), and water treatment. The versatility and customization of microfluidic devices have allowed researchers to accurately represent fractures, ensure chemical conformance, simulate high pressure–high temperature conditions and reservoir heterogeneity, and study geochemical interaction. Additionally, molecular tagging and machine learning techniques have been employed for image analysis, further enhancing the capabilities of microfluidic devices. Throughout the paper, the advantages and disadvantages of implementing microfluidic devices and utilizing specific materials are thoroughly discussed. This analysis provides valuable insights into the challenges and potential limitations associated with this technology. To conclude, the paper offers suggestions, ideas, and highlights for future research paths, pointing toward promising directions for further exploration in this field.