Abstract:60 years after the founding of the People's Republic of China, China's exploration of petroleum and natural gas has made considerable achievement and seven geological theories of gas and oil has been established. They are: structuralcontrolling theory, subtle reservoirs theory, theory of Paleozoic marine petroleum generation, petroleum accumulation theory in superimposed basins, petroleum accumulation theory of foreland basin, theory of natural gas accumulation, and petroleum accumulation theory of volcanic rock and so on. Author summarized and interpreted the connotation of the abovementioned theories.