Offshore oil and gas exploration and development have progressed into the deepwater and ultra-deepwater phase, representing a crucial source of global hydrocarbon resources. This paper provides a systematic review of pertinent research findings at home and abroad, as well as across multiple dimensions including resources, technology, policy, and corporate behavior, to establish a comprehensive understanding of global deepwater oil and gas exploration and development. The findings indicate that deepwater oil and gas basins are predominantly located along passive continental margins, exhibiting significant resource potential. Governments of resource-rich countries, alongside oil companies and service providers, jointly participate in the exploration and development processes of deepwater oil and gas. The relevant policy frameworks, business operation models, and technical and equipment capabilities are becoming increasingly sophisticated and matured. The study indicates that deepwater oil and gas exploration and development are presented with substantial opportunities, warranting close attention from government agencies and the oil and gas industry. It is recommended that efforts be made from various perspectives, including policy support, business operations, and technological advancements, to proactively embrace these opportunities.