The closed-loop reservoir management technique enables a dynamic and real-time optimal production schedule under the existing reservoir conditions to be achieved by adjusting the injection and production strategies. This is one of the most effective ways to exploit limited oil reserves more economically and efficiently. There are two steps in closed-loop reservoir management: automatic history matching and reservoir production optimization. Both of the steps are large-scale complicated optimization problems. This paper gives a general review of the two basic techniques in closed-loop reservoir management; summarizes the applications of gradient-based algorithms, gradient-free algorithms, and artificial intelligence algorithms; analyzes the characteristics and application conditions of these optimization methods; and finally discusses the emphases and directions of future research on both automatic history matching and reservoir production optimization.