Abstract: With the deep implementation of domestic oil and gas system reform and the establishment of China Oil & Gas Pipeline Network Corporation, the "X+1+X" oil and gas market system is formed in an accelerated manner, which is remodeling the domestic natural gas industry chain continuously, with profound impact on LNG industry development. Presently, a small number of receiving terminals in China are completely open to the third party, with scarce window period available, limited market-oriented business models developed, and the unfavorable situation with excessive capacity and intensified competition faced. Hence, the positioning and strategy of receiving terminal business development was considered based on the risks, challenges and development requirements faced by the LNG industry. Meanwhile, the solutions and development suggestions were proposed from the four aspects of adhering to openness and fairness, strengthening the intrinsic security, improving quality and efficiency, and developing the core business, so as to build the business system cored at Delivery, Diversity, Digital and Data (4D), further providing a reference to the high-quality development of LNG receiving terminal industry under the background of deepening the oil and gas system reform and implementing the double carbon strategy.