<p>Industrial valves in offshore oil and gas operations are exposed to some of the most aggressive corrosion environments in the energy sector. Chloride-rich seawater, dissolved carbon dioxide (CO₂) and hydrogen sulfide (H₂S), oxygen ingress, biofilms, and high-velocity multiphase flows collectively accelerate the degradation of valve components. These conditions induce a wide range of corrosion mechanisms, including chloride-induced stress corrosion cracking (CSCC), sulfide stress cracking (SSC), sweet CO₂ corrosion, microbiologically influenced corrosion (MIC), and synergistic erosion–corrosion. This review critically examines the underlying processes driving these failures and evaluates the evolution of valve materials from carbon and austenitic stainless steels to corrosion-resistant alloys (CRAs), including duplex and super duplex stainless steels, nickel-based alloys, and CRA cladding solutions. Advanced protective strategies such as tungsten carbide coatings, thermal spray aluminum, and integration into cathodic protection systems are analyzed, alongside predictive maintenance frameworks leveraging computational fluid dynamics and electrochemical modeling. The review highlights the limitations of laboratory-scale studies, particularly in replicating dynamic flow conditions and crevice geometries found in operational valves, and emphasizes the importance of field-validated data for accurate integrity assessments. Furthermore, mitigating valve failures is directly linked to environmental and operational sustainability, contributing to reduced fugitive methane emissions and supporting Net Zero objectives in offshore operations. By synthesizing field data, material performance trends, and preventive strategies, this review provides a comprehensive framework for improving valve reliability and ensuring safe, sustainable offshore production.</p>