Abstract: Oil evaporation and vapor diffusion from storage tanks will have adverse effects on atmospheric environment, social economy and the safety of tank farm. In this study, the current status and achievement of the researches on oil evaporation and vapor diffusion were summarized in terms of theoretical analysis, experimental research and numerical simulation for tracing carbon emission from storage tanks. Specifically, the potential mechanism of vapor-liquid phase change, mass transfer of oil vapor in the tank gas space, and vapor diffusion were revealed through theoretical analysis. Meanwhile, the field test and wind tunnel experiment were reviewed, which show that most experimental researches are performed in the aspects of temperature variation characteristics of crude oil in tanks, oil vapor emission during vehicle and ship loading, and dynamic structural change of storage tanks. In addition, simulation methods like Direct Numerical Simulation (DNS), Reynolds Average Navier-Stokes (RANS), and Large Eddy Simulation (LES) were used to analyze the vapor-liquid mass transfer, dynamic tracing of oil-gas interface and the process of vapor diffusion and flow under the coupling of different factors, which could trace diffused substances in a wide range with lower costs and shorter time. Finally, based on the low-carbon development demand of oil and gas industry, suggestions and prospects for oil evaporation and vapor diffusion in storage tanks were put forward with the expectation to maximize the comprehensive benefits of environmental protection.