Along with an increase in overweight and obesity among all age groups, the development of efficacious and safe anti‐obesity strategies for patients, as well as health systems, is critical. Oleoylethanolamide (OEA), a high‐affinity endogenous ligand of nuclear receptor peroxisome proliferator‐activated receptor alpha (PPAR‐α), plays important physiological and metabolic actions. OEA is derived from oleic acid, a monounsaturated fatty acid, which has beneficial effects on body composition and regional fat distribution. The role of OEA in the modulation of food consumption and weight management makes it an attractive molecule requiring further exploration in obesogenic environments. This systematic review was conducted to assess the effects of OEA on the obesity management, with emphasizing on its physiological roles and possible mechanisms of action in energy homeostasis. We searched PubMed/Medline, Google Scholar, ScienceDirect, Scopus, ProQuest, and EMBASE up until September 2019. Out of 712 records screened, 30 articles met the study criteria. The evidence reviewed here indicates that OEA, an endocannabinoid‐like compound, leads to satiation or meal termination through PPAR‐α activation and fatty acid translocase (FAT)/CD36. Additionally, the lipid‐amide OEA stimulates fatty acid uptake, lipolysis, and beta‐oxidation, and also promotes food intake control. OEA also exerts satiety‐inducing effects by activating the hedonic dopamine pathways and increasing homeostatic oxytocin and brain histamine. In conclusion, OEA may be a key component of the physiological system involved in the regulation of dietary fat consumption and energy homeostasis; therefore, it is suggested as a possible therapeutic agent for the management of obesity.