The significant increase in the heat dissipation associated with the increased throughput in computing, renewable energy, and electric vehicles has become a limitation to the evolution of these technologies. The needs for more effective thermal-management methods for higher heat fluxes and more uniform temperature have resulted in the development of mechanically driven oscillating flow cooling systems. The objective of this paper is to review the state-of-the-art of mechanically driven oscillating flow loops (MDOFLs) in terms of several aspects such as heat transfer, fluid mechanics, and thermodynamic principles. In each aspect, essential formulas and related sciences from prior studies are presented to show what has been accomplished in the field. Important parameters on the performance of the cooling systems and challenges for future research are also provided.