We review the study of rogue waves and related instabilities in optical and oceanic environments, with particular focus on recent experimental developments. In optics, we emphasize results arising from the use of real-time measurement techniques, whilst in oceanography we consider insights obtained from analysis of real-world ocean wave data and controlled experiments in wave tanks. Although significant progress in understanding rogue waves has been made based on an analogy between wave dynamics in optics and hydrodynamics, these comparisons have predominantly focused on one-dimensional nonlinear propagation scenarios. As a result, there remains significant debate about the dominant physical mechanisms driving the generation of ocean rogue waves in the complex environment of the open sea. Here, we review stateof-the-art of rogue wave studies in optics and hydrodynamics, aiming to clearly identify similarities and differences between the results obtained in the two fields. In hydrodynamics, we take care to review results that support both nonlinear and linear interpretations of ocean rogue wave formation, and in optics, we also summarise results from an emerging area of research applying the measurement techniques developed for the study of rogue waves to dissipative soliton systems. We conclude with a discussion of important future research directions. the underlying carrier wave is considered sinusoidal at frequency ω whereas in hydrodynamics, the NLSE envelope modulates the Stokes wave which (to second-order) contains contributions at both ω and the second harmonic 2ω [31]. In addition, even though the terminology "optical wave breaking" is used in an NLSE context to describe the steepening of an optical envelope from nonlinear focussing [32], optical carrier waves themselves do not "break" or plunge as they do in hydrodynamics [33,34]. There are also important differences concerning measurements. Specifically, experiments in optical fibres generally measure only the time-domain envelope intensity, and information about carrier oscillations is not recorded. In contrast, measurements in hydrodynamics directly record the individual carrier wave amplitudes (although envelope information can be reconstructed straightforwardly [35]). Particular care must therefore be taken when comparing statistics between optics and hydrodynamics, because statistics in fibre optics experiments are determined