With the deepening of oil and gas exploration, the importance of depth is increasingly highlighted. The risk of preservation of storage space in deep reservoirs is greater than that in shallow and medium layers. Deep layers mean older strata, more complex structural evolution and more complex hydrocarbon accumulation processes, and even adjustment and transformation of oil and gas reservoirs. This paper systematically investigates the current status and research progress of deep oil and gas exploration around the world and looks forward to the future research focus of deep oil and gas. In the deep, especially the ultra-deep layers, carbonate reservoirs play a more important role than clastic rocks. Karst, fault?karst and dolomite reservoirs are the main types of deep and ultra-deep reservoirs. The common feature of most deep large and medium-sized oil and gas reservoirs is that they formed in the early with shallow depth. Fault activity and evolution of trap highs are the main ways to cause physical adjustment of oil and gas reservoirs. Crude oil cracking and thermochemical sulfate reduction (TSR) are the main chemical modification effects in the reservoir. Large-scale high-quality dolomite reservoirs is the main direction of deep oil and gas exploration. Accurate identification of oil and gas charging, adjustment and reformation processes is the key to understanding deep oil and gas distribution. High-precision detection technology and high-precision dating technology are an important guarantee for deep oil and gas research.