Based on PetroChina’s status and situation of low-permeability oil reservoir development, this paper analyzes the key common issues in the production capacity construction of new oilfields, the stable production of old oilfields, and enhanced oil recovery, and, in connection with the progress made in major development technologies and the results of major development tests for low-permeability oil reservoirs in recent years, puts forward the technical countermeasures and development directions. For optimizing the development of low-grade reserves, a comprehensive life-cycle development plan is essential, alongside experimenting with gas injection and energy supplementation in new fields. Addressing challenges in reservoir classification, multidisciplinary sweet spot prediction, and displacement–imbibition processes can significantly boost well productivity. In fine water flooding reservoirs, the focus should shift to resolving key technological challenges like dynamic heterogeneity characterization, and functional and nano-intelligent water flooding. For EOR, accelerating the application of carbon capture, utilization, and storage (CCUS) advancements, along with air injection thermal miscible flooding, and middle-phase microemulsion flooding, is crucial. This approach aims to substantially enhance recovery and establish a new model of integrated secondary and tertiary recovery methods.