Oxygen control technology has been successfully applied in liquid lead and lead-bismuth coolant systems for mitigating materials corrosion. In the present study, the development of the oxygen control technology is reviewed. The corrosion mitigation mechanisms, the oxygen control methods, and the oxygen concentration measurements are discussed. The study also analyzes the current technology issues and near future studies needed. For comparisons, the study also reviews other corrosion inhibitors that have also been applied for mitigating corrosion by liquid lead and lead-bismuth.