Oxidation of oil with skin protein is an important chemical reaction during the oil tanning process. Oils as a tanning agent are known for their varied functionality. Oil tanning is commonly used for chamois leather manufacture. The present study elaborately discusses the recent progress in oil tanning with various skin proteins and a way forward. Parameters such as types of oils and skin used in oil tanning and their pros and cons have been highlighted. The duration of the tanning process and the use of oxidizing agents have also been expounded in this review. Other factors, such as the presence of free and unsaturated fatty acids and mode of operations, are also emphasized. Although conventional oil-tanned leathers are known for their application in filtration and cleaning, their prominence in biomedical applications has been appraised in this paper. The environmental concerns of oil tanning associated with the type of oil, oxidizing agent, and pre-tanning have also been highlighted. The review article provides a holistic understanding of oil-tanned leather's past, present, and futuristic aspects.