Abstract: Deepwater field is one of the three global hot spots for oil and gas exploration. Based on the theory of plate tectonics, the distribution of global deep-water basins is characterized by “three in longitudes and two in latitudes”. “Three in longitudes” are three nearly N-S direction deep-water basin belts in the Atlantic continental margin, the East Africa continental margin and western Pacific continental margin. “Two in latitudes” are E-W direction deep-water basin belts in the Neotethyan tectonic domain continental margin and the circum-Arctic Ocean continental margin. Totally 15 giant-large sized oil and gas discoveries have been proved in five basin belts. The study shows that the formation of giant-large sized oil and gas regions is controlled by three factors. The primary factor is the development of world-class source rocks of large-area lacustrine facies, marine and continental transitional facies, and marine facies. The lacustrine source rocks are mainly deposited in South Atlantic continental marginal basins; The marine source rocks are distributed in North Atlantic and East African continental marginal basins; While the transitional source rocks are mainly distributed in western Pacific continental margin and Neotethyan tectonic domain continental margin of large coal measure river delta facies. The second factor is the development of world-class high-quality reservoirs, including two types of clastic rock and carbonate rock. The clastic reservoirs are mainly turbidite fan controlled by large river-delta, while carbonate reservoirs are related to shell limestone. The third factor is the development of world-class trap groups, such as salt structural trap, gravity detachment structural trap, giant thrust nappe structural trap, and large turbidite lithologic trap, etc. The global oil and gas exploration in deep-water basins is unbalanced and inadequate, and there are four strategic fields in the future, i.e., strategic expansion, strategic breakthrough, strategic discovery and strategic preparation. The exploration orientation for strategic expansion includes the proven hydrocarbon rich plays in the proven giant-large oil and gas regions, which is the main field to obtain reserves with low investment risk and quick results at present. The exploration orientation for strategic breakthrough mainly includes new confirmed plays in the proven giant-large oil and gas region with proven source rock conditions, which has a low risk to achieve commercial discovery. The exploration orientation for strategic discovery is the potential oil and gas area with oil and gas shows or potential commercial discovery, which has the potential of large-scale discovery. The exploration orientation for strategic preparation is the area that has no but the possibility to find major discoveries. On the whole, the global oil and gas exploration in deep-water basins has a huge potential.