This article discusses the various aspects of petroleum refining and oil products as a primary energy source and as a valuable feedstock for petrochemicals. The main objective of refining is to convert crude oils of various origins and different compositions into valuable products and fuels having the qualities and quantities demanded by the market. Various refining processes, such as separation, conversion, finishing, and environmental protection, are presented and briefly discussed. The ever-changing demand and quality of fuels, as well as environmental issues and the challenges facing the refining industry, are also highlighted. Environmental regulations have played a significant role in the progress of the refining industry and may even change the competition between petroleum and other alternative energy sources.