Oil spills pose significant threats to marine and freshwater environments, impacting ecosystems and drinking water sources. The present review incorporated an up‐to‐date statistical analysis of the oil spills globally including the types and sources of oil spills and the main habitats affected by the past incidents. It presented immediate and long‐term effects on aquatic organisms and habitats highlighting the necessity for action to protect the aquatic environment. The paper also elucidated a range of effective remediation and cleanup methods, presenting a comprehensive toolkit to mitigate ecological damage. Noticeably, the review identified crucial knowledge gaps in the literature: (i) the absence of marine plastic pollution in studies on oil spill impacts and (ii) the absence of a modeling framework that considers the presence of microplastics in the spillage region and their impacts on the overall weathering rate. From synthesizing essential knowledge on oil spill dynamics and identifying the knowledge gap in the literature, this review aims to enhance understanding and guide future research.