Through reviewing the development history of tight oil and gas in China, summarizing theoretical understandings in exploration and development, and comparing the geological conditions and development technologies objectively in China and the United States, we clarified the progress and stage of tight oil and gas exploration and development in China, and envisaged the future development orientation of theory and technology, process methods and development policy. In nearly a decade, relying on the exploration and development practice, science and technology research and management innovation, huge breakthroughs have been made. The laws of formation, distribution and accumulation of tight oil and gas have been researched, the development theories such as “multi-stage pressure drop” and “man-made reservoirs” have been established, and several technology series have been innovated and integrated. These technology series include enrichment regions selection, well pattern deployment, single well production and recovery factor enhancement, and low cost development. As a result, both of reserves and production of tight oil and gas increase rapidly. However, limited by the sedimentary environment and tectonic background, compared with North America, China’s tight oil and gas reservoirs are worse in continuity, more difficult to develop and poorer in economic efficiency. Moreover, there are still some gaps in reservoir identification accuracy and stimulating technology between China and North America. In the future, Chinese oil and gas companies should further improve the resource evaluation method, tackle key technologies such as high-precision 3D seismic interpretation, man-made reservoir, and intelligent engineering, innovate theories and technologies to enhance single well production and recovery rate, and actively endeavor to get the finance and tax subsidy on tight oil and gas.