Lignosulfonate, a byproduct of the pulp and paper industry, has been used in the oil-well drilling industry for a significant amount of time. Lignosulfonate and its derivatives serve different roles in the oil-well drilling industry because of their unique structures and properties. This review summarizes lignosulfonate and its derivatives, including lignosulfonate complexed with metal ions, lignosulfonate graft copolymers, lignosulfonate-tannin complexes, and other lignosulfonate-containing composites, in terms of their preparation, properties, and potential applications in oil-well drilling industry. It provides readers with a quick review of existing studies in this area and some inspirations for future studies pertaining to the utilization of lignosulfonate-based materials in the oil-well drilling industry.