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The process of “hysteresis” has widely attracted the attention of researchers and investigators due to its usage in many disciplines of science and engineering. Economics, physics, chemistry, electrical, mechanical, and petroleum engineering are some examples of disciplines that encounter hysteresis. However, the meaning of hysteresis varies from one field to another, and therefore, many definitions occur for this phenomenon depending on the area of interest. The “hysteresis” phenomenon in petroleum engineering has gained the attention of researchers and investigators lately, because of the role that plays in reservoir engineering and reservoir simulation. Hysteretic effects influence reservoir performance. Therefore, an accurate estimation of rock and fluid property curves has an essential role in evaluating hydrocarbon recovery processes. In this paper, a comprehensive review of research and growth on the hysteresis of wettability for its applications in petroleum engineering is reported. Also, theoretical and experimental investigations of hysteresis of wettability are compared and discussed in detail. The review highlights a range of concepts in existing models and experimental processes for wettability hysteresis. Furthermore, this paper tracks the current development of hysteresis and provides insight for future trends in the research. Finally, it reveals an outlook on the research challenges and weaknesses of hysteresis of wettability.