Coiled tubing drilling and completion technology is a low-cost, high-efficiency and reliable technology. It has developed rapidly since the early 1990s. In this paper the development process of coiled tubing technology is reviewed, and the current situation of drilling and completion technology using coiled tubing all over the world is analyzed. The theoretical advances in coiled tubing drilling and completion: the life and reliability, elongation, friction pressure loss of fluid flow, cuttings transport and wellbore cleanout in horizontal wells are illustrated here. Moreover, the feasibility and prospect of supercritical carbon dioxide drilling, non-contact rock drilling, waterless fracturing, multistage unlimited fracturing and the integration of drilling and fracturing by coiled tubing is discussed. Finally, the prospects of the applications of coiled tubing drilling and completion technology are forecast.