ENVIRONMENTAL pollution is exacerbated by the rise in petroleum hydrocarbons due to exploration, production, transportation, and industrialization. This requires immediate remediation. Although crude oil removal using conventional techniques is efficient for cleaning up aquatic and terrestrial ecosystems, it is costly and requires specialized staff and equipment. Despite their negative environmental consequences, chemical compounds such as dispersants, cleansers, emulsifiers, biosurfactants, and soil oxidizers are highly utilized. Phytoremediation and bioremediation have emerged as cost-effective and environmentally friendly technologies. This paper aims to review the impacts of crude oil pollution and the phytoremediation of polluted ecosystems. We have reviewed various phytoremediation/bioremediation mechanisms and environmental factors. Additionally, we have discussed the degradation of crude petroleum, factors affecting petroleum hydrocarbon bioremediation, and the environmental consequences, such as DNA and epigenetic mutations. We have also compared the economics of phytoremediation and restoration of polluted sites with conventional technology. Plants can remediate the environment through phytodegradation, phytostabilization, phytovolatilization, evapotranspiration, and phytoaccumulation. The microbial activities in the plant rhizosphere enhance the degradation and accumulation of the pollutants and modulate their bioavailability, thereby remediating the polluted areas and stabilizing the soil fertility.