The main objective of this investigation paper is to prove the importance the oil industry represents to the Colombian economy. In order to do so, the following investigation question has been elaborated: although the oil is considered as one of the powerhouses of the Colombia economy, currently are there favorable or unfavorable scenarios for the continuous development of the local oil industry? This investigation question is answered through a detailed analysis of the local oil industry and its technical, economic and legal evolution throughout the XX and XXI centuries. Therefore, by demonstrating the oil participation within the Colombian economy and its efforts to allow the economic growth. Also, challenges and negative outcomes the oil industry faces in the environmental, economic and social spheres will be studied. Finally, some of the most important tasks Colombia must defy in order to continue in the prosperous in spite of the oil dependence, will be shown. The development of this paper begins with the definition of the general and specific objectives, justification on why this paper was written, the reference framework, the main hypothesis, the investigation methodology, fieldwork, result analysis and final conclusions. In the end, the study concludes that Colombia has a high dependence in macroeconomic terms with the oil industry that might jeopardize the country´s economic growth due the great vulnerability the hydrocarbons sector shows to geopolitical and economic movements in the global stake. However, the oil industry has managed to boost and diversify the Colombian productivity levels with social and infrastructure development. Still, the current problems in the environmental, social and security areas can undermine its bonanza.