Rising trends in the number of customers turning to the cloud for their computing needs has made effective resource allocation imperative for cloud service providers. In order to maximize profits and reduce waste, providers have started to explore the role of oversubscribing cloud resources. However, the benefits of cloud-based oversubscription are not without inherent risks. This paper attempts to unveil the incentives, risks, and techniques behind oversubscription in a cloud infrastructure. Additionally, an overview of the current research that has been completed on this highly relevant topic is reviewed, and suggestions are made regarding potential avenues for future work.