The purpose of this paper is to review the advances made in designing of monolithic and precast reinforced concrete (RC) walls with openings subjected to axial and eccentric loads. Nowadays, functionality and modifications of the structures are often encountered. Therefore, openings such as new windows, doors or paths for ventilations are highly demanded for RC walls. Based on previous studies, a critical review of the experimental and theoretical aspects of walls with openings and then retrofitted by use of fiber reinforced polymers (FRPs) are also presented. The simplified method provided by design codes fails in recognizing any contribution to the wall strength of the steel reinforcement or in some cases for the effect of side restraints. The presence of a new opening will decrease the axial capacity, thus, requiring upgrading. Satisfactory results were found when FRP was placed in the vicinity of the openings, being capable to restore the initial capacity. However, despite the considerable research carried out, there are still important research gaps that need to be further investigated.