The data usage in the oil and gas exploration and development is growing exponentially, and only by developing more advanced data processing methods can we keep up with the rapid growth of big data. Therefore, Python programming language is increasingly gaining popularity in this field due to easy learning, high readability and massive library of third-party modules. This paper will discuss in detail the applications of Python in data processing, geological modeling, deep learning, and visualization, and give examples to highlight its significant achievements in these areas. Finally, this paper looks forward to the future direction of the oil and gas exploration and development industry, including data science, artificial intelligence, and automation; and points out that Python will play an increasingly significant role in these areas. The conclusion of the article is that Python’s help and influence on oil and gas exploration and development is enormous, but developers also need to understand the limitations of Python and choose appropriate tools and techniques to achieve more remarkable results in oil and gas exploration and development.