Abstract: The investment, construction and operation management of gas storage have been highly valued by all levels of government departments and related enterprises in China since the 12 th Five-Year Plan.Recently, the investment and construction of gas storage have been rapidly developed.As the system and mechanism reform of natural gas industry steps into a critical period, it is necessary to sort out and summarize the relevant policies and regulations on gas storage issued by China in recent years and the research results of Chinese scholars.The time series logic of policy items was clarified according to the investment, construction and operation management policies and evolution of China's underground gas storage since 12 th Five-Year Plan.The research progress and main achievements of Chinese scholars on the working gas capacity, operation mode, unit investment and operation cost, gas storage pricing, economic assessment methods and parameters of underground gas storage at home and abroad were comprehensively summarized.In such special development period when the "three period superimposed" occurs in China's natural gas industry, in order to further improve the investment decision-making level, stimulate the motivation to invest and construct the underground gas storage, and improve the operation and management capability of gas storage, the main directions for subsequent policy setting, research and consultation works were put forward.