In this essay we provide a short introduction to and overview of the basics of stable isotope geochemistry and its common application in petroleum geochemistry. We identify the processes that are responsible for the carbon and hydrogen isotopic compositions of biological and geological organic matter and indicate the utility of stable isotopes in oil-source rock correlations. Stable isotope analyses are also exploited in the investigation of different alteration processes within oils and petroleum reservoirs. State of the art work is presented, and future research needs are identified.