Oily wastewater discharge from various industry processes and activities have caused dramatic impacts on the human and environment. Treatment of oily wastewater using membrane technology has gained worldwide attention due to its efficiency in removing the amount and concentration of oil and grease as well as other specific pollutants in order to be reused or to fulfill stringent discharge standard. The application of thin film composite (TFC) membrane in reverse osmosis (RO) and forward osmosis (FO) for oily wastewater treatment is an emerging and exciting alternative in this field. This review presents the recent and distinctive development of TFC membranes to address the issues related to oily wastewater treatment. The recent advances in terms of TFC membrane design and separation performance evaluation are reviewed. This article aims to provide useful information and strategies, in both scientific knowledge advancement and practical implementation point of view, for the application TFC membrane for oily wastewater treatment.