Gas hydrate risks minimization in deepsea hydrocarbon flowlines, especially in high water to oil ratios, and is critical for the oil and gas flow assurance industry. Although there are several reviews on gas hydrate mitigation in gas-dominated systems, limited reviews have been dedicated to the understanding and mechanism of hydrate formation and mitigation in oil-dominated systems. Hence, this review article discusses and summarizes the prior studies on the hydrate formation behavior and mitigation in oil-dominated multiphase systems. The factors (such as oil volume or water cut, bubble point, and hydrate formers) that affect hydrate formation in oil systems are also discussed in detail. Furthermore, insight into the hydrate mitigation and mechanism in oil systems is also presented in this review. Also, a detailed table on the various studied hydrate tests in oil systems, including the experimental methods, inhibitor type, conventions, and testing conditions, is provided in this work. The findings presented in this work are relevant for developing the best solution to manage hydrate formation in oil-dominated systems for the oil and gas industry. © 2022 American Chemical Society. All rights reserved.