Abstract: Since the beginning of the 21st century, discoveries of global unconventional oil and gas have entered an active period. Production of tight oil/shale oil has increased rapidly, shale gas has continued to grow, tight gas and Coal Bed Methane (CBM) have been stable, and breakthroughs have been obtained in early production tests of natural gas hydrate (NGH). In recent years, significant progress has been made in exploration and development of unconventional oil and gas in China. The production of shale gas, tight oil, and tight gas have been increasing rapidly, and the exploration and development of shale oil have risen to a national strategic level. Tight oil and shale oil resources in the mining-rights blocks of the China National Petroleum Corporation (CNPC) are abundant. Recently, exploration discoveries and breakthroughs have been made in 11 blocks, and several large-scale productivity blocks have been preliminarily established. Pilot tests of in-situ conversion of shale oil with medium-low maturity have been carried out in the Ordos Basin, and the continental shale oil revolution is being actively promoted. Currently, external dependence on oil and gas is high in China, and demand is strong. However, due to the complicated geological conditions of continental facies, large-scale benefit development of unconventional oil and gas still faces a series of challenges in geological evaluation, sweet spot prediction, drilling and completion, oil and gas production technologies, economic evaluation, and management. In order to achieve benefit exploration and development of the unconventional oil and gas resources of CNPC, key issues should be focused on and diligently addressed, such as whole life cycle management, integration operation, big data application, appropriate production allocation strategy, technology and cost, marketization, and so on, to promote high-quality development in the unconventional oil and gas industry and thereby ensure national energy security.