Extractants such as tri n-butyl phosphate form an explosive composition called as red oil in the presence of nitric acid under high temperatures. The formation and subsequent decomposition of red oil can lead to explosive thermal runaway conditions and is therefore, a safety concern during the spent fuel reprocessing and waste management operations. A review of the literature on the red oil excursions and related safety issues has been carried out covering the major accidents that have taken place and the literature on the red oil related studies. Other extractant systems which are also likely to undergo red oil like excursions are also covered.