Abstract: The construction and market-oriented operation of underground gas storages (UGS) form a positive correlation of mutual promotion. The economic and social benefits brought by market-oriented operation can promote more social capital to be invested in the UGS construction, which can improve the gas storage capacity of the whole market, and in turn, promote the competition and transactions in the gas storage market. On the basis of learning from the business modes of foreign UGS, the business modes in China were discussed in combination with China's current regulatory policies on UGS and the degree of fairness and openness, and classified into four modes from the prospective of UGS products under the management of traditional gas storage companies, including "binding lease", "price difference in low and peak seasons", "deposit and loan gas", and "remote access" modes. It is suggested that the first two modes be promoted as the main and the "deposit and loan gas" mode as the auxiliary to increase the profit space for the gas storage companies. In addition, the "remote access" mode is suitable for the joint operation of several gas storages or gas storage clusters in close distance. Further, the proposal of the four business modes provides practical reference for the marketization of gas storages, and the business modes could be directly promoted in the gas storages, which are conductive to activating the commercial value of gas storage services in China, thus promoting the realization of openness and fairness.