Upgrading heavy oil is a subject of high importance for fossil fuel industry due to the rapid depletion of light oil reservoirs and the consequent increased demand for upgrading heavy oil. In this review, the advancement made in heavy oil upgrading and the proposed sustainable emerging technologies dedicated to heavy oil processing have been discussed in a comprehensive and informative manner with consideration to the encountered associated with properties of heavy oil including its significant content of undesirable large molecular weight hydrocarbons, its high viscosity, and its elevated impurity level. The shortcomings of conventional crude oil upgrading technologies are outlined, in relation to the upgrading of heavy oil. The various technologies used for the extraction of heavy oil from reservoirs, as well as refinery technologies for improving the quality and marketability of heavy oil products are summarized encompassing modified conventional methods and emerging technologies. Thermal and catalytic processes were compared and evaluated based on the literature for heavy oil processing. Furthermore, emerging technologies for heavy oil processing were listed and discussed comprehensively. The proper selection of the refining technology for heavy oil processing is crucial for the quality of the final products and it is evident from the literature that the selection criteria vary from one heavy oil reservoir to the other depending on the properties of the crude oil.