Oil and gas industry requires capital-intensive investment especially in rotating mechanical equipment acquisition and installation. Rotating mechanical equipment such as induction motor, compressors and pumps, are essential components in industrial processes. The recent crude oil price drop raises the concern of effective maintenance management across oil and gas industry. Condition-based maintenance (CBM) is the most cost-effective maintenance technique to prevent the downtime of equipment and increases the productivity in petroleum industry. In this paper, recent reviews on CBM techniques for rotating equipment are presented under three categories, i.e. (1) Signature extraction-based method predicts machinery parameter in time and frequency domain, (2) Modelbased approach analyses machinery behavior in mathematical model and (3) Knowledge-based approach uses data-driven algorithm to learn system signal in the past for future prediction. The advantages, limitations and practical implication of each category are highlighted for suggestions and selection in the oil and gas industry. © 2020 IEEE.