Rolling oil sludge (ROS) is a type of solid waste produced during steel rolling; this waste contains not only a high iron content but also many harmful organic components and is a very attractive secondary resource. This paper introduces the sources and hazards of ROS, summarizes the recycling methods integrated with steel production, classifies traditional treatment technologies, and analyzes their advantages and disadvantages. Combined treatment is the main direction of ROS treatment methods in the future. The ROS recycling techniques applied in different industries are summarized. Finally, existing problems and future work are described to promote the remediation and resource utilization of ROS.