In the field of industrial lubrication, solid–liquid composite lubrication (SLCL) techniques based on diamond-like carbon (DLC) coatings and lubricating oils are emerging recently, which may be applied in many fields in the near future, especially automotive industries. The tribological behaviors of SLCL systems depend strongly on the compatibility between DLC coatings and oils. This review describes the advantages of SLCL techniques by pointing out the synergistic effects between DLC coatings and lubricating oils. Then the main factors determining the tribological performance of SLCL systems are discussed in detail. Finally, a conclusion about the characteristics of reported SLCL systems is made, and a prospect about the potential development of SLCL technology is proposed. On the basis of the relevant literature, it could be found that the tribological properties of SLCL systems were influenced by many more factors compared with individual DLC lubrication or individual oil lubrication due to the complicated tribo-chemical reactions involving DLC and oil during friction. And under some optimized working conditions, the tribological performances of SLCL systems (friction and wear reduction) are superior to individual DLC lubrication and individual oil lubrication. However, the tribological performance of SLCL systems needs to be further improved (for example, to achieve superlubricity and ultra-low wear simultaneously) by adjusting the structures of DLC coatings, regulating the compositions of oils, and most importantly, enhancing the physicochemical and tribological synergies between DLC coatings and oils. This review provides a comprehensive understanding of the SLCL technology, which may be very helpful for the researchers and engineers in the field of industrial lubrication and tribology.