This review article explores three major aspects of the wet oxidation (WO) and catalytic wet oxidation (CWO) processes (with the major focus being on WO and CWO, using air or oxygen as an oxidant). These aspects are (a) the fundamental chemistry of WO/CWO; (b) important aspects of catalysts, with regard to the CWO process; and (c) engineering aspects of the WO/CWO process. The applications of WO and CWO technology to treat industrial wastewater clearly illustrate the potential of these processes for treating wastewater from a wide number of industries. WO/CWO is a fertile area of research with significant scope for further research and innovation, particularly in the areas of catalyst development, the understanding of catalytic mechanisms, and the fundamental chemistry that occurs during WO/CWO. Selected examples of findings to date are discussed in this review.