With the U.S. unconventional oil revolution, adverse impacts from subsurface disposal of coproduced water, such as induced seismicity, have markedly increased, particularly in Oklahoma. Here, we adopt a new, more holistic analysis by linking produced water (PW) volumes, disposal, and seismicity in all major U.S. unconventional oil plays (Bakken, Eagle Ford, and Permian plays, and Oklahoma) and provide guidance for long‐term management. Results show that monthly PW injection volumes doubled across the plays since 2009. We show that the shift in PW disposal to nonproducing geologic zones related to low‐permeability unconventional reservoirs is a fundamental driver of induced seismicity. We statistically associate seismicity in Oklahoma to (1) PW injection rates, (2) cumulative PW volumes, and (3) proximity to basement with updated data through 2017. The major difference between intensive seismicity in Oklahoma versus low seismicity levels in the Bakken, Eagle Ford, and Permian Basin plays is attributed to proximity to basement with deep injection near basement in Oklahoma relative to shallower injection distant from basement in other plays. Directives to mitigate Oklahoma seismicity are consistent with our findings: reducing (1) PW injection rates and (2) regional injection volumes by 40% relative to the 2014 total in wells near the basement, which resulted in a 70% reduction in the number of earthquakes in 2017 relative to the 2015 peak seismicity. Understanding linkages between PW management and seismicity allows us to develop a portfolio of strategies to reduce future adverse impacts of PW management, including reuse of PW for hydraulic fracturing in the oil and gas sector.