<p>Localized corrosion in oil and gas facilities has been a significant challenge due to its catastrophic consequences on pipelines and installations. This is affected mainly by the heterogeneous nature of the environment in which the pipeline and other oil and gas facilities operate. The substantial economic impact and cost of localized corrosion on these facilities have shifted research interest to this area. This work reviewed holistic and recent developments on localized corrosion of mild steel structures in the petroleum and gas sectors of the economy. Some types of localized corrosion commonly encountered in the industry are discussed, including the environments that give rise to localized corrosion, the effects of grain size and grain boundaries on the microstructure of mild steel, and its resistance to localized corrosion. We extensively reviewed various corrosion assessment techniques, which depend on the type of material deployed, the corrosion mechanism, the environment, and different mitigation strategies employed to reduce localized corrosion of mild steel structures in the petroleum and allied industries. Finally, we reviewed recent advancements by integrating new mechanistic insights, molecular modelling and simulations of corrosion, innovative mitigation strategies, and advanced monitoring technologies that are pushing the boundaries of understanding and managing localized corrosion in the oil and gas industry.</p>