Abstract: Oil & gas storage and transportation enterprises will be faced with many challenges and opportunities in the future as the carbon trading market is about to put into operation soon and the development of low carbon economy is deepened gradually in China. In this paper, the challenges and opportunities which oil & gas storage and transportation enterprises will be faced with in the domestic situation of carbon market were analyzed thoroughly after the development course and operation mechanism of Chinese carbon trading market were illustrated in detail. Based on the characteristics of oil & gas storage and transportation enterprises, a series of countermeasures and suggestions were put forward so as to provide the lessons and reference for the low carbon development of oil & gas storage and transportation enterprises. It is proposed to participate in the formulation of national policies and standards actively, prepare low carbon development planning of enterprises, establish and complete the carbon asset management system gradually, participate in carbon trading market actively and expand the technical consultation service of low carbon for other enterprises.