Relevance. The main directions in the development of the mineral resource potential in the oil and gas industry in Russia are geological exploration, exploration, field development optimization, and cost reduction for their development and operation. To date, the development of this sector requires the introduction of automation technologies, artificial intelligence, big data analytics, and contactless diagnostic and control methods. These technologies are characterized as part of the "fourth industrial revolution". As practice shows, contactless oil diagnostics is one of the most significant elements of technology, which ensures safety, speed of analysis, and environmental friendliness during all stages of oil processing: from production to storage. Such equipment, of course, includes radio-electronic wave devices, such as acoustoelectronic, radio engineering, and optoelectronic devices. Given the high pace of development in this field, it is important to assess the impact of these changes on accuracy and the emergence of new opportunities as well as their practical value. Aim. Review and analysis of current radio-electronic wave techniques for oil diagnostics and monitoring, identifying current challenges, and evaluating future prospects for the industry development. Object. Diagnostics and monitoring of oil using radio-electronic wave methods. Methods. The work is based on an analysis, synthesis, and comparison of scientific articles and studies related to radio-electronic wave techniques for oil diagnostics and monitoring. Results and conclusions. The paper discusses the main radio-electronic wave techniques for oil diagnostics and monitoring, highlights the main monitored parameters were, and evaluats the impact of these techniques on oil rheological properties. The authors have assessed as well the effectiveness and feasibility of their application. We identified contradictions in the regulatory documents, proposed an original classification of radio-electronic wave methods for oil diagnostics and monitoring, considered the features and existing inventions, as well as their disadvantages, and established motivational prospects for future experimental research.