The scarcity of freshwater resources in many regions of the world has contributed to the emergence of various technologies for treating and recovering wastewater for reuse in industry, agriculture, and households. Deep wastewater treatment from oils and petroleum products is one of the difficult tasks that must be solved. Among the known technologies, UF membranes have found wide industrial application with high efficiency in removing various pollutants from wastewater. It is shown that the search for and development of highly efficient, durable, and resistant to oil pollution UF membranes for the treatment of oily wastewater is an urgent research task. The key parameters to improve the performance of UF membranes are by enhancing wettability (hydrophilicity) and the antifouling behavior of membranes. In this review, we highlight the using of ultrafiltration (UF) membranes primarily to treat oily wastewater. Various methods of polymer alterations of the UF membrane were studied to improve hydrophilicity, the ability of antifouling the membrane, and oil rejection, including polymer blending, membrane surface modification, and the mixed membrane matrix. The influence of the type and composition of the hydrophilic additives of nanoparticles (e.g., Multiwall carbon nanotubes (MWCNT), graphene oxide (GO), zinc oxide (ZnO), and titanium dioxide (TiO2), etc.) was investigated. The review further provides an insight into the removal efficiency percent.