Storage tanks play an important role in the transportation and storing of crude oil in the petroleum industry. These tanks are prone to damage and defects such as cracks and pitting corrosion defects, and therefore their maintenance and service life of them is a priority to avoid environmental disaster. In this regard, the knowledge of residual performance, as well as structural stability and their dependency on the critical conditions of existing structural defects, would certainly play a vital role in the estimation of better service life for these huge metal structures. This study begins by describing various types of oil storage tanks and their components, and then the common defects in oil storage tanks and their causes are classified. In the third part, various topics are collected, including design, construction, technical inspection, and repair standards. Then the methods of dealing with defect damage to prevent decommissioning of storage tanks are presented, and. The study covers different techniques including finite element simulation and design of experiments (Taguchi approach, multiple regression technique, and response surface method) to assess the oil storage tank in three different modes including defective structure, structure with crack defect, and structure with the defect of pitting corrosion. In addition, the effects of geometric parameters of both defects on the behavior of the tank structure were investigated and analyzed. © 2023 Elsevier Inc. All rights reserved.