Abstract: Establishment of strategic petroleum reserve is one dominant emergency measure to ensure energy security. Saltcavern oil storage is an important research direction in the third stage of petroleum reserve base construction in China. In this paper, salt-cavern oil storage construction was analyzed from the aspects of basic surface condition, geological condition, storage building interval, storage capacity and salinized old cavern, so as to figure out the oil storage prospect of Huai'an salt mine. It is shown that Huai'an area is close to Rizhao-Yizheng Crude Oil Pipeline, and its freshwater resource is abundant and brine digestion capacity is high. The burial depth of the third lithology combination in Huai'an salt mine is moderate. Ⅲ-1-Ⅲ-5 salt groups in Well Block C1 and Ⅲ-7-Ⅲ-9 salt groups in Well Block X2 are selected as the favorable intervals for oil storage for there are fewer interbeds and the ore content is high. Hexagonal grid well pattern is adopted to arrange 20 new caverns in the favorable storage building intervals of 7 km². The effective volume of each cavern is 24×10⁴ m³ and the total capacity can reach 480×10⁴ m³. Oil storage projects and gas storage projects shall be developed collaboratively to save construction investment. The total effective volume of 6 salinized old caverns is currently 44.2×10⁴ m³ and their total oil storage capacity can reach 90×10⁴ m³ by continuing solution mining after reconstruction. It is demonstrated that Huai'an salt mine has the construction potential of strategic petroleum storage. The research results can be used as the reference for the site selection in the third stage of petroleum reserve base construction in China and for the pre-feasibility study on Huai'an salt-cavern oil storage.