South China Sea is located in the junction of Eurasian Plate, Pacific Plate and Indian-Australian Plate, and experienced a complex and poly-phase history. A great number of basins with favorable petroleum geological settings and huge resource potentials are distributed in the northern, western and central- southern South China Sea. Among them, the northern shelf region has become an important oil and gas production region and significant breakthrough has attained in the petroleum exploration of northern slope deepwater recently. Currently, petroleum resources in the Chinese conventional boundary line in the South China Sea have been looting by nearby countries, in order to maintain national sovereignty and territorial integrity; efforts must be made to accelerate the oil and gas exploration in the South China Sea.