Unconventional hydrocarbon development in the Permian Basin has required disposal of approximately 45 billion bbl of coproduced wastewater since 2009. This injection has altered subsurface stress and caused the widespread development of earthquakes on preexisting faults. Earthquakes have also been triggered by hydraulic fracturing in some areas. The induced earthquakes have caused general concern and regulatory actions that challenge the sustainability of current wastewater disposal practices. Much has been learned about the nature of the induced seismicity in the Permian Basin from academic research and industry collaboration. Many questions persist. Induced seismicity in the Permian Basin occurs in seven regions and two general stratigraphic levels and is driven by four processes. The greatest concern comes from wastewater injection between the productive shale intervals and basement causing rupture on basement-rooted faults with local magnitudes as high as ML5.4. Induced seismicity on the most sensitive faults has occurred as distant as 40 km from deep injection. Wastewater injection above the productive shales, hydraulic fracturing, and differential depletion of shale reservoirs have contributed to the seismicity but are associated with smaller maximum magnitudes (≤ML3.5) to date. Responding to the seismicity, petroleum regulators in Texas and New Mexico and operators of injection wells collaborated to reduce the rate of injection into deep strata beginning in late 2021, leading to a reduction in the rate of cataloged earthquakes and indicating that retroactive mitigation works in reducing the seismic hazard. Research into the causes and mechanisms of induced seismicity in the Permian Basin has served to underpin mitigation approaches.