Ultrasound technique is an inexpensive and ecofriendly technology commonly used in oil and gas industry to improve oil recovery and its applications have been successfully tested in both laboratory and field scales. In this technique, high-power ultrasonic waves are utilized downhole to improve oil recovery and reduce formation damage in near wellbore region that causes a reduction in hydrocarbon production rate due to the penetration of mud, scale deposition, etc. In most of the cases, barriers for the oil flow to the wellbore are effectively removed by using the ultrasound technique and the effect of improved oil recovery may last up to several months. The aim of this paper is to provide an overview of recent laboratory, field and mathematical studies to serve as reference for future extensive examination of ultrasound assisted improved oil recovery. As an added value to this field of study, research gaps and opportunities based on the review of recent works were identified and factors that needs to be considered to improve the outcome of future studies were recommended.