Radio Frequency Identification (RFID) technology has emerged as a promising solution for real-time tracking and monitoring in the petroleum industry. This study systematically reviews recent advancements in RFID applications for petroleum asset management, logistics, and safety. The research is based on an extensive review of peer-reviewed literature, industry reports, and experimental case studies involving RFID deployment in refinery operations and pipeline monitoring. The study also examines practical implementation challenges, including signal interference due to metal surfaces, high initial costs associated with infrastructure setup, and integration complexities with existing digital systems such as SCADA and IoT platforms. Furthermore, issues related to data security and the potential for unauthorized access are discussed as critical concerns that need to be addressed for large-scale adoption. Despite these limitations, RFID technology demonstrates significant potential in optimizing supply chain management, enhancing real-time asset tracking, and improving workplace safety in petroleum engineering. The ability to automate inventory management, reduce operational downtime, and enhance predictive maintenance further underscores its strategic importance. Future research should focus on overcoming technical barriers through the development of advanced RFID tags with higher resistance to extreme environmental conditions and improved data encryption techniques. Additionally, cost-effective deployment strategies and interoperability standards must be established to facilitate broader industry adoption. Collaborative efforts between researchers, technology developers, and industry stakeholders will be essential in driving innovation and ensuring the successful integration of RFID into the petroleum sector.