Oil and gas exploration and production activities generate large amounts of waste material, especially during well drilling and completion activities. Waste material from drilling activities to the greatest extent consists of drilled cuttings and used drilling mud with a smaller portion of other materials (wastewater, produced hydrocarbons during well testing, spent stimulation fluid, etc.). Nowadays, growing concerns for environmental protections and new strict regulations encourage companies to improve methods for the reduction of waste material, as well as improve existing and develop new waste disposal methods that are more environmentally friendly and safer from the aspect of human health. The main advantages of the waste injection method into suitable deep geological formations over other waste disposal methods (biodegradation, thermal treatment, etc.) are minimizing potentially harmful impacts on groundwater, reducing the required surface area for waste disposal, reducing the negative impact on the air and long-term risks for the entire environment. This paper gives a comprehensive overview of the underground waste injection technology, criteria for the selection of the injection zone and methods required for process monitoring, as well as a comprehensive literature overview of significant past or ongoing projects from all over the world.