The detection of oil in water is of great importance for maintaining subsurface infrastructures such as oil pipelines. As a potential technology for oceanic application, an oceanic lidar has proved its advantages for remote sensing of optical properties and subsea materials. However, current oceanic lidar systems are highly power-consuming and bulky, making them difficult to deploy underwater to monitor oil in water. To address this issue, we have developed a compact single-photon Raman lidar by using a single-photon detector with high quantum efficiency and low dark noise. Due to the single-photon sensitivity, the detection of the relatively weak Raman backscattered signal from underwater oil was realized with a laser with a pulse energy of 1 µJ and a telescope with a diameter of 22.4 mm. An experimental demonstration was conducted to obtain the distance-resolved Raman backscatter of underwater oil of different thicknesses up to a distance of 12 m. The results indicate the single-photon Raman lidar's potential for inspecting underwater oil pipelines.