Petroleum industry is one of the fastest growing industry and it significantly contributes to economic growth in developing countries like India. The wastewater from a petroleum industry consist a wide variety of pollutants like petroleum hydrocarbons, mercaptans, oil and grease, phenol, ammonia, sulphide and other organic compounds etc. All these compounds are present as very complex form in discharged water of petroleum industry, which are harmful for environment directly or indirectly. Some of the techniques used to treat oily waste/wastewater are membrane technology, photocatalytic degradation, advanced oxidation process, electrochemical catalysis, etc. In this review paper we aim to discuss past and present scenario of using various treatment technologies for treatment of petroleum industry waste/wastewater. The treatment of petroleum industry wastewater involves physical, chemical and biological processes. This review also provides scientific literature on knowledge gaps and future research directions to evaluate the effect(s) of various treatment technologies available.