The advent of low-field nuclear magnetic resonance (LF-NMR) has revolutionized the petroleum industry by providing a swift and straightforward method for the spectroscopic characterization of crude oil. This review paper delves into the significant strides made in LF-NMR technology since its inception by Felix Bloch and Edward Purcell in 1946, particularly its application in determining the composition, viscosity, and water content of crude oil, alongside SARA (Saturates, Aromatics, Resins, and Asphaltenes) analysis. LF-NMR’s ability to noninvasively quantify the total water and oil content, differentiate between bound and mobile phases, and measure the SARA fractions underscores its superiority over traditional analysis methods, which often suffer from interference and lack of precision. This manuscript not only highlights LF-NMR’s pivotal role in enhancing crude-oil characterization but also reviews recent developments that solidify its position as an indispensable tool in the petroleum industry. The convergence of empirical studies and technological advancements points toward a pressing need for further research to fully exploit LF-NMR’s potential and refine its application, ensuring its continued contribution to the efficient and accurate analysis of petroleum products.