The paper reviews the glorious course of the oil and gas field development in China and summarizes the geologic characteristics, main types of reservoirs and the corresponding technology series formed during decades of practice. Also, the paper reveals great challenges that the oil and gas field development faces in recent years,details the technical strategies meeting these challenges and points out the directions for the development of technologies for high-water-cut, low-permeability, heavy-oil, offshore oilfields and all kinds of complicated gas fields.