An oil management system and oil filter utilized in association with an internal combustion engine. The oil filter comprises high-efficiency filtration media for filtering engine oil associated with the internal combustion engine. At least one type of time release additive can be impregnated into the filtration media, wherein the time release additives are automatically released into the engine oil filter from filtration media in order to replenish additives already present in the engine oil. Additionally, a sensor module can be provided that monitors oil quality and oil filter efficiency through detecting one or more attributes of the engine oil filtered through the filtration media of oil filter in order to efficiently conserve and manage the oil and reduce the interval of oil changes thereof by extending the life of the engine oil through the replenishment of the additives present in the engine oil and higher filtration effectiveness of the filter.