Abstract: Under the background of national "carbon peak and carbon neutrality" goals, in order to accelerate the upgrading of energy structure, China is vigorously developing the natural gas clean energy industry. China is rich in natural gas resources and has large proved recoverable reserves. Natural gas output is expected to achieve 230×10⁹ m³ in 2025, and will be upgraded to 300×10⁹ m³ in 2040. With the rapid growth of China's natural gas consumption and insufficient gas storage capacity, the contradiction of natural gas safe and stable supply is further exacerbated. Natural gas storage can enhance the capacity of natural gas peak shaving emergency and supply guarantee. This paper summarizes and analyzes the development status and trend of underground gas storage in China, as well as the opportunities and challenges faced in the construction and development of underground gas storage. In the future, we should rapidly promote the construction of China's gas storage capacity, solve major production problems of complex gas storage, improve the guarantee level of safe and stable domestic natural gas supply through resource integration, and promote the realization of the "carbon peak and carbon neutrality" goals.