Abstract: Dozens of oil tanks need renovation each year in China with the tank's renovation period variable greatly depending on regions and tank sizes. The renovation cost per tank rangs from hundreds of thousands RMB to several millions, and the total renovation cost comes upto tens of million RMB per year. Therefore, it is of great importance to determine the renovation period. According to Chinese practices and related international experiences, the factors determining the costs on tank renovation are analysed, including the information on corrosion in bottom plates and shell, deformation and water accumulation on tank roof, damages on soft seals, dome deformation, insulation damages on shells, foundation settlement, etc. Lastly, proper renovation periods for oil lanks are suggested in light of the anticorrosion materials, construction capability, environment, and tank operation conditions in China, and some points worthy of note are listed concerning catching up with the international level in the field of tank renovation.