I.M.Gubkin, chairman of the Main slate committee of the Supreme Council of National Economy met with V.I.Lenin in January, 1920, when the last pointed out a need to creating a scientific and technical magazine which could unite two central boards of the Supreme Council of the Oil Industry - oil and slate. With time, the development of slate subjects, closely interlacing with questions of oil supply, lost its actuality, and the content became more oil-oriented. Thus, in July 1925, eventually, the magazine lost its "slate" content and achieved its present name - "Oil Industry".

In the year 1940 several issues were printed under the title - "Petroleum industry of the USSR". The magazine was not published during war years (period from 1942 up to 1944). Apart from scientific and technical articles, the content of several first issues paid a lot of attention to two rubrics: "Domestic survey" and "Foreign branch". The first section not only contained general reviews of the branch, but also covered statistical data and analysis of all oil areas of the country. Being anxious to get familiar with foreign experience, the "Foreign branch" rubric reviewed statistical data of oil industry abroad, as well as published translations of interesting articles. When war was over, two major tasks were set up before the magazine: to assist in a rapid recovery of all oil facilities, which were destroyed in most areas of the country, and to promote absolutely new changes in techniques and technology of oil extracting.

After the reorganization of the whole industry management in 1957, special attention in “Oil Industry” magazine was given to general analysis of the present condition as well as future development of the branch, to the exchange of “know-how”, to information presented by scientific research institutes, to results of the work of special meetings and conferences and to news of foreign petroleum industries.

In 1960, "Oil industry" magazine was member of the state scientific and technical Committee of Ministerial council of the USSR, and from 1965 - member of Ministry of petroleum industry of the USSR. That was the time when the structure of the magazine changed its content. First it discussed problems of economy and organization of oil-producing manufacture, followed by a rubric covering questions of drilling, further on materials concerning oil field development, techniques and technology of oil and gas production. The final part of the magazine combined production automation, oil geophysics, pipeline transport, environment protection and safety measures. As a rule, every issue of the magazine contained materials about domestic and foreign petroleum industries and information from world oil congresses. It is necessary to note, that such order of publishing materials in the magazine, with only slight differences remained unchanged up till now.

Just like the majority of scientific issues in Russia, after 1991, “Oil industry” magazine was left without central financing and support, but nevertheless, retained a very high level of materials published (which now are considered by the Higher Certification Committee of Russia when awarding scientific degrees). Today, “Oil industry” magazine represents one of the best known and appreciated editions of the branch.