The rapid development of new energy vehicles such as electric vehicles and fuel cell vehicles has initiate the age of automobile power revolution. The internal combustion engine vehicle (ICEV) manufacturing industry and the petroleum production industry actively respond to the automobile power revolution by satisfying the latest requirement for emissions, upgrading the quality of oil products, and advancing the development of internal combustion engine technology. Although new energy vehicles have some advantages, they can not comprehensively replace the ICEVs in a short term. Gasoline electric hybrid vehicles with highefficiency internal combustion engines will significantly reduce pollutant and carbon emissions, which are in line with China’s national conditions. By 2050, ICEVs, gasoline electric hybrid vehicles, fuel cell vehicles, and pure electric vehicles will coexist based on their respective technological advantages. However, the ICEVs will still predominate in the automobile market by then, and the ependence of automobile power on liquid fuels will exceed 60%. Therefore, the petroleum refining and automobile manufacturing industries should develop coordinately by studying the combustion mechanism from a molecular perspective in the internal combustion engines; exploring the relationship between fuel composition, distillation range, and particulate matter emissions, and developing simplified models; developing and promoting high-quality fuels and high-grade lubricants to adapt to the low-carbon and emission reduction requirements in the era of automotive power diversification.