CO₂-enhanced oil and gas recovery and geological sequestration are the key technologies for ensuring energy security and developing a low-carbon economy in China, and they provide important technical support for China to achieve carbon peak and neutrality. This paper reviewed the basic mechanism of CO₂-enhanced oil and gas recovery and geological sequestration, summarized the key technologies of CO₂-enhanced oil and gas recovery and geological sequestration worldwide and their application status, and looked forward to the commercialization of CO₂-enhanced oil and gas recovery and geological sequestration technologies from the perspective of ecological protection and economic development. The challenges during the commercialization of these technologies in China were analyzed in detail, and some suggestions were put forward. As a country with great carbon emissions and energy consumption, China should support the promotion of CO₂-enhanced oil and gas recovery and geological sequestration technologies through financial subsidies or by improving the carbon tax system and carbon market based on national conditions, and it should strengthen scientific research and technical cooperation, so as to improve the whole industrial chains of carbon capture, utilization, and storage (CCUS) and give guidance for the healthy and sustainable development of the economy.