Oil and oilseeds are commodity products that are produced and processed in large quantities and utilized in numerous applications ranging from food, feed, and oleochemicals. Adverse environmental impact of conventional oil and oilseed-processing techniques pleads for cleaner manufacturing techniques that need to be developed to ensure sustainability of this sector. Enzymatic processes provide opportunities and alternative approaches to traditional methods. This article reviews various enzymatic processes that are currently adapted by the industry at commercial scale and ongoing research and development efforts in the field. Applications of enzymatic methods in oil extraction from oilseeds, crude oil refining, protein recovery from defatted meal, and enzymatic reactions for modification of the extracted oil to improve quality and functional and nutritional properties are assessed. Potential of enzymatic processes for valorization of oil and industry by-products is also discussed. This review underlines the potential role of enzymatic processes in transformation of the current oil and oilseed industry practices and highlights challenges faced in adaptation of these techniques by the industry. Recent advancements and ongoing research and development efforts in enzyme production and processing techniques will certainly boost the implementation of cleaner enzymatic processes at commercial scale in the near future. All rights reserved, Elsevier.