Abstract: The article puts forward two evident changes occurred in world petroleum and natural gas storage field; one is that the total length of natural gas pipeline in the world exceeds that of crude oil pipeline initially; the other is that there is an evident development in the construction of underground gas storage. The elimination of controls on natural gas transportation and sales markets in some countries (as in America) has stimulated a construction of underground storage and a modernization of its process technology. The article introduces four common types of underground storage: depleted oil, and gas field, underground water-bearing formation, rock salt cavern and waste mine, meanwhile compares advantage and disadvantage, current developing situation and modernization process of the four types of gas storage. It is recommended that gas storage building experience from foreign countries be used for reference for our country's oil and gas storage and learn their advanced technology so as to reduce the gap between us and foreign countries.