Carbon capture, utilization, and storage (CCUS) is a key technological path to achieve the "carbon peaking and carbon neutrality" goals. This article reviews the development history and trends of CCUS, discusses the connotation of CCUS, and analyzes the challenges and development strategies of CCUS industrialization development in China. The full process technology is in place. The first million tonne Qilu Petrochemical-Shengli Oil Field full process demonstration project of carbon capture, transportation, oil displacement and storage was built, and CCUS has entered the stage of large-scale application. CCUS has a long innovation and industrial chain, and its industrial development needs to strengthen the innovation of all the entire technology chain, especially low concentration emission source capture technology and utilization technology, accelerate the construction of oil displacement and storage centers for source sink optimization, promote the integration of CCUS with traditional and emerging industries, build a low-carbon and zero carbon industrial chain, and establish CCUS methodology.