In recent years, the global natural gas market has been hit by low-carbon transformation, Covid-19 pandemic and Ukraine crisis, and the market structure has undergone drastic changes. The domestic natural gas market is also undergoing significant changes:market reform is carried out in an orderly manner; infrastructure development is continuously improving; low carbon transformation has accelerated significantly. The analysis shows that under the new situation, the security of China's natural gas supply will gradually improve, but it still faces issues such as insufficient international trade capacity, pricing discourse power and self-regulation ability. It is suggested to increase domestic gas reserve and production, enhance infrastructure construction while advancing market-oriented reform, strengthening international trade capacity and carrying out natural gas diplomacy proactively.