Volumes of oily wastewater are inevitably generated by every walk of life. The removal of oil particles from oil-contaminated wastewater which is characterized as huge amounts, intricate composition, and great threats to human health and the ecological environment is a research hotspot in water treatment fields. Due to high treatment costs and undesirable treatment efficiencies, oily wastewater treatment remains a topical and urgent issue. At present, coagulation/flocculation as an indispensable oily wastewater treatment technology receives much attention because it is very well established, economical, practical and relatively efficient. The influencing factors of oil wastewater treatment by coagulation/flocculation have also been summarized in-depth, like dosage, pH, etc. In consideration of its complex composition and treatment difficulty, this paper will also compare the treatment effects of different coagulants/flocculants used alone and combined effects in oily wastewater treatment: inorganic coagulants, organic synthetic polymeric flocculants, natural flocculants and modified polymeric flocculants. Additionally, in this review, the mechanisms of removing oily substance by coagulation/flocculation are emphasized. Given strict emission standards and the refractory nature of oily wastewater, the combination process with coagulation/flocculation, such as electrocoagulation, coagulation-membrane filtration hybrid process, and coagulation/flocculation-flotation can present better application potential and are discussed in this review. To provide a proper choice in practical application, the operating cost of coagulation and several conventional technologies are also compared. Finally, the existing challenges in the treatment of oily wastewater by coagulation are analyzed, and the feasible research direction is proposed.