The trend of growing interest in alternative source of energy focuses on renewable products worldwide. However, the situation of petroleum industries in many countries needs much concern in improving the oil recovery technique. Chemical method, especially microemulsion flooding, plays an important role in enhanced oil recovery technique due to its ability to reduce interfacial tension between oil and water to a large extent as well as alter wettability of reservoir rocks. Surfactant-based chemical systems have been reported in many academic studies and their technological implementations are potential candidates in enhanced oil recovery activities. This paper reviews the role of different types of surfactants in enhanced oil recovery, structure of microemulsion, phase behavior of oil-brine-surfactant/cosurfactant systems with variation of different parameters such as salinity, temperature, pressure and physicochemical properties of microemulsions including solubilization capacity, interfacial tension, viscosity and density under reservoir conditions. The enhanced oil productivity by microemulsion flooding with different surfactant/cosurfactant systems has also been discussed in this paper. This review introduces a new opening in enhanced oil recovery by microemulsion flooding with some new aspects.