Oil prices have strengthened, and global oil and gas giants have increased their E&P investments year after year. China is the world’s second-largest oil consumer and the third-largest natural gas consumer, and in recent years, the rapid development of the domestic economy has led to record-high primary energy consumption. Insufficient supply in the domestic oil and gas market has led to China’s oil and gas dependence on foreign countries remaining at a high level in the past few years, which has pushed Chinese enterprises to actively participate in international oil and gas cooperation and the rapid growth of foreign investment in oil and gas resources. The article focuses on the overseas investment strategies of Chinese oil and gas enterprises, analyses the current international energy market environment, the status quo of Chinese oil and gas enterprises’ overseas investment and the challenges they are facing, and puts forward adaptive investment strategy suggestions, aiming at providing theoretical references and practical guidance for the overseas expansion of Chinese oil and gas enterprises.