The low oil price environment is driving the oil and gas (O&G) industry to become more innovative and deploy smart field technologies, to increase operational and asset efficiency, minimize health, safety, and environmental (HSE) risks, improve asset portfolio, reduce capital and operation costs, and maximize capital productivity. The Internet of Things (IoT) is at the forefront of this digital transformation, enabling seamless real-time data collection, processing, and analysis from a range of equipment, processes, and operations to achieve these objectives. There are various operations/applications in the upstream, midstream, and downstream sectors (e.g., condition-based monitoring and location tracking) for which IoT-enabled solutions have a significant impact and offer a range of opportunities to increase socioeconomic benefits. However, there are several impediments (e.g., vulnerability to cyber attacks, lower technological readiness for deploying in zone-0 and zone-1 hazardous environments, unavailability of communication infrastructure, labor concerns, and maintenance and obsolescence) that slow the pace of adoption of IoT technologies for regular upstream, midstream, and downstream operations. This review article provides an overview and assessment of the role, impact, opportunities, challenges, and current status of IoT deployment in the O&G industry.