In the last 20 years, there has been increasing interest in using advanced simulation and optimization techniques to develop and manage mineral resources and petroleum reservoirs. Researchers in mining and oil have been working on related research themes, with similar goals, but there has not been much interaction between their developments. In an attempt to address this lack of interaction, this paper provides a review of recent optimization techniques developed for the most commonly studied aspects of mine planning and oil field development, indicating how the two scientific communities can benefit from each other by adapting and applying knowledge gained in the respective fields. It also points out research directions for both mine planning and oil field development.