The fierce competition among countries in the field of marine resource exploitation is, in the final analysis, the competition of technologies and core equipment supporting national rights and interests. With the in-depth practice of China’s marine power strategy and the Belt and Road Initiative, offshore oil and gas drilling is making great strides toward the far-reaching sea, and deepwater oil and gas drilling technologies and equipment have become important cornerstones to ensure China’s energy security. How to solve the bottleneck problem, realize the localization of key core equipment, and create the source of original drilling technologies are the new problems in deepwater oil and gas drilling. In this paper, deepwater oil and gas drilling technologies and equipment are briefly introduced, and the status of deepwater oil and gas drilling technologies and equipment in China and abroad are comprehensively analyzed. The future development trend of the key technology and key equipment of deepwater oil and gas drilling is predicted.