Chemical and petrochemical industries comprise of many equipments like storage tank, reactors, columns and jackets. These are often exposed to corrosive liquids and gases. Strong acids and gases such as carbon dioxide, sulphur oxides, organic vapours corrode the material and causes damage. It is desired to know the extent and mechanism of corrosion for proper and cost effective corrosion prevention method. Various investigators have carried out studies and research for corrosion, its measurement and prevention. Current review summarizes research on corrosion in petroleum, chemical and allied industries.