Background: Spare parts warehousing in the oil and gas industry is essential for offshore production. With the introduction of Industry 4.0 and its subsequent technological tools, new functions are enabled in industrial logistics activities. Efficiency, visibility, optimization, and productivity are often mentioned as benefits of successful Industry 4.0 technology implementation in logistics activities. In this paper, the implementation of Industry 4.0 technologies such as the Industrial Internet of Things (IIoT) in spare parts warehousing in the oil and gas industry is studied. Method: 133 peer-reviewed journal publications indexed in Scopus and Web of Science are analyzed in a systematic literature review. The review is structured as frequency and content analysis. Aim: As there is limited research on this specific topic, the aim is for this paper to be a theoretical foundation that assists the industry with future solutions. Results: The list of benefits of implementation gathered from the literature is comprehensive. However, the list of challenges is particularly pertinent to the oil and gas industry and indicates a strong inclination towards limited and controlled implementation of some technologies. The safety demands of the industry mean there are many limitations to implementation currently. Conclusions: This paper reflects on the results, identifies research gaps, and gives proposals for future research.