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Machine learning (ML) offers new technologies in the precision agriculture domain with its intelligent algorithms and strong computation. Oil palm is one of the rich crops that is also emerging with modern technologies to meet global sustainability standards. This article presents a comprehensive review of research dedicated to the application of ML in the oil palm agricultural industry over the last decade (2011–2020). A systematic review was structured to answer seven predefined research questions by analysing 61 papers after applying exclusion criteria. The works analysed were categorized into two main groups: (1) regression analysis used to predict fruit yield, harvest time, oil yield, and seasonal impacts and (2) classification techniques to classify trees, fruit, disease levels, canopy, and land. Based on defined research questions, investigation of the reviewed literature included yearly distribution and geographical distribution of articles, highly adopted algorithms, input data, used features, and model performance evaluation criteria. Detailed quantitative–qualitative investigations have revealed that ML is still underutilised for predictive analysis of oil palm. However, smart systems integrated with machine vision and artificial intelligence are evolving to reform oil palm agri-business. This article offers an opportunity to understand the significance of ML in the oil palm agricultural industry and provides a roadmap for future research in this domain.