Oil crops are the second most cultivated economic crop in the world after food crops, and they are an important source of both edible and industrial oil. The growth of oil crops is limited by biotic and abiotic stresses, which hinder their yield and quality. Among all the agronomic measures, plant growth promoting bacteria (PGPB) play a crucial role in improving the yield, quality, and adaptability of oil crops. In this review, we considered the recent research on the sources of beneficial bacteria and their interactions with and influences on host plants, with a focus on summarizing the important roles and molecular mechanisms of PGPB in promoting growth and resisting biotic and abiotic stresses in oil crops. Finally, we outlined the current opportunities and challenges of microbial strategies for the improvement of the yield, quality, and adaptability of oil crops, providing a theoretical basis for the future use of microbial inoculants in these crops.