Co-processing of biomass feedstock with petroleum feedstock in existing refineries is a promising technology that enables the production of low-carbon fuels, reduces dependence on petroleum feedstock, and utilizes the existing infrastructure in refinery. Much effort has been dedicated to advancing co-processing technologies. Though significant progress has been made, the development of co-processing is still hindered by numerous challenges. Therefore, it is important to systematically summarize up-to-date research activities on co-processing process for the further development of co-processing technologies. This paper provides a review of the latest research activities on co-processing biomass feedstock with petroleum feedstock utilizing fluid catalytic cracking (FCC) or hydrotreating (HDT) processes. In addition, it extensively discusses the influence of different types and diverse physicochemical properties of biomass feedstock on the processing of petroleum feedstock, catalysts employed in co-processing studies, and relevant projects. Moreover, it summarizes and discusses co-processing projects in pilot or larger scale. Furthermore, it briefly prospects the research trend of co-processing in the end.