The state-of-the-art oligomerization chemistry of olefins and use of their oligomers in 1990-2000 is surveyed. The first part of the review is devoted to the processes of manufacturing oligomers from olefins-beginning from ethylene and including higher olefins-and to a characterization of catalysts used and the products obtained. In the second part, the areas of application of olefin oligomers as fuel and lube oil components are considered. The main attention is given to polyalphaolefin oils and oils based on star-branched olefins.