Deepwater oil and gas resources are abundant and have become a hot topic in global oil and gas exploration in recent years, as well as a major source of increased reserves and production. The global deepwater oil and gas fields are mainly distributed in seven major sea areas: the Central South Atlantic, the Gulf of Mexico, the East African Sea, the Eastern Mediterranean Sea, the Black Sea, the South Caspian Sea, and the Northwest Shelf of Australia. This article elaborates on the process of global offshore oil and gas fields from land to shallow sea and then to deep sea, and introduces the current distribution of global deepwater oil and gas resources and production. Summarized the technical challenges faced by the development of deepwater oil and gas fields, including the development techniques, strategies, and models. Such as economically effective data acquisition and oilfield evaluation, increasing the adaptability and flexibility of development plan design, establishing early production systems, phased development, efficient few wells, maintaining energy extraction, intelligent oilfield monitoring and management, etc. Finally, the development trend of deepwater oil and gas field development technology in the future was discussed. By systematically summarizing the development history and trends of global deepwater oil and gas field development technology, we aim to provide reference for the development of China’s deepwater oil and gas field.