Street Art is an artistic expression in constant development, whose interest has grown in recent years among society, public administrations, conservators, and heritage scientists. This growing awareness has given rise to a series of debates between professionals with the intent to expand the knowledge relating to conservation practices and possible protection solutions. Additionally, the paint materials used by contemporary artists are in constant development; therefore, difficulty has emerged in the identification of their degradation processes when exposed to environmental conditions and in the consequent selection of a specific protection system. This review presents an overview of the recent literature and experiences in the field of knowledge and preservation of Street Art, focusing on the type and nature of paint formulations, the main deterioration processes of painted artworks in outdoor conditions, and the most recent advances in materials and methods for the conservation and protection of Street Art. This review aims to emphasise how the approach to the challenge of preservation of Street Art is complex, aspiring to the need for optimised diagnostic protocols for the development of innovative and effective protective coatings. This paper is a starting point to provide suggestions and indications for the development of further research projects within the framework of preservation and protection of contemporary muralism.