Offshore oil and gas equipment is crucial for developing offshore oil and gas and strengthening the marine power of a country. In recent years, China's offshore oil and gas equipment industry has made a series of breakthroughs and is realizing the leap toward ultra-deep water; however, there are still some drawbacks. This study reviews the development status of offshore oil and gas exploration, drilling, construction, and production equipment globally and in China, analyzes the gap between China and the advanced international level, and proposes the key development directions for each type of equipment. Future development goals and the following suggestions are further proposed: (1) upgrading the conventional marine equipment industry through unmanned, intelligent, and standardized development, (2) establishing a system of technologies and equipment for 3000-meter-level oil-gas field development, (3) formulating a key core equipment list to accelerate breakthroughs of core equipment, (4) accelerating the domestication of underwater production equipment, (5) achieving breakthroughs regarding floating liquefied natural gas facilities, (6) improving the marine equipment test and certification system, and (7) exploring the integrated development of offshore oil and gas equipment and offshore new energy resources, thereby providing references for future development of offshore oil and gas equipment in China.