Microbiologically Influenced Corrosion (MIC) has been recognized as a predominant challenge in oil and gas gathering pipelines during petroleum extraction operations, posing increasingly severe environmental threats and economic losses to hydrocarbon development. As oilfields enter their middle and late development stages, factors such as increased water cut in produced fluids and deteriorating pipeline service conditions have exacerbated MIC issues, rendering it a critical bottleneck for safe oilfield operations. In this paper, a comprehensive review is presented on recent advancements in MIC research within petroleum extraction, with a focus on corrosion processes, predominant microbial communities, underlying mechanisms, detection methodologies, and mitigation strategies. Research has indicated that diverse microbial populations, including sulfate-reducing bacteria (SRB), acid-producing bacteria (APB), and iron-oxidizing bacteria (IOB), exhibit significant synergistic effects through biofilm formation and the accumulation of metabolic byproducts, thereby intensifying the complexity and severity of MIC. Recent breakthroughs in molecular biology and surface analysis technologies have substantially enhanced the understanding of MIC mechanisms, particularly with respect to microbial–material interface interactions and microbial community succession patterns. Corrosion monitoring technology has been evolving from conventional approaches—such as test-piece weight-loss measurements and ultrasonic testing—toward a real-time, perception-driven, and intelligent decision-making paradigm, grounded in multi-parameter fused sensing and advanced intelligent algorithms. Furthermore, through continuous sensor innovation, the field seeks to improve environmental adaptability and to establish a standardized, engineering-ready intelligent monitoring technology system. Although significant progress has been made in pipeline protection technologies employing physical, chemical, and biological approaches to inhibit MIC and extend pipeline service life, several technical challenges remain unresolved, including biocide resistance and the stability of biological control methods. Through systematic analysis of current research achievements, existing limitations are identified and future research directions are proposed, aiming to provide theoretical foundations and technical references for pipeline corrosion protection in oil and gas fields, which holds substantial practical significance for ensuring operational safety and reducing economic losses.