Abstract: As a new type of Steel Catenary Riser (SCR), Steel Lazy-Wave Riser (SLWR) has been more and more widely applied in the deepwater oil and gas development. Herein, the characteristics of SLWR were compared with SCR, and the application status and prospect of SLWR in offshore oil and gas development at home and abroad were investigated. On this basis, the research progress of vibration mechanism of SLWR was demonstrated from the three aspects of dynamic analysis, simulation on fluid-structure interaction and analysis on fatigue caused by Vortex Induced Vibration (VIV), and slug flow induced vibration inside the riser. At present, the challenges of research on deepwater SLWR are that the mechanism of slug flow induced vibration inside the riser is unclear and the vibration mechanism under the fluid-structure interaction of wave current is still unrevealed. So, the mechanisms of vibration and safety control should be researched in the future under the interaction of the slug flow inside the riser and wave current outside the riser. The research results could provide reference to the future development and application of SLWR technology in oil and gas fields in China.