Polar offshore engineering equipment provides a major platform and symbolizes the strength of China to participate in Arctic offshore oil and gas development. Currently, the design, construction, and support capacities of China’s polar offshore engineering equipment are not internationally recognized, which does not match with the large shipbuilding sector of China. In this article, we analyze the development demand for polar offshore engineering equipment in China, present the application status of these equipment, investigate the key technologies, and summarize the existing problems regarding these equipment in China. Furthermore, we propose the establishment of a research and application innovation project of common key technologies for Arctic offshore oil and gas exploration and development, an international research and development center for polar offshore oil and gas engineering technologies, and a China–Russia Arctic energy joint venture company. This study centers on the coordination of the Arctic development and environmental protection capabilities, and aims to provide a reference for developing the polar offshore engineering equipment in China and provide guidance for China’s participation in Arctic oil and gas development.