Petroleum as a non-recoverable strategic resource plays a key role in economic development. China’s rapid economic development depends largely upon the international petroleum market. This paper, based on the increasing demands for petroleum but an inadequate supply and decreasing reserve, expounds limitations existing in Chinese petroleum strategy, and presents a long-term petroleum strategy to ensure China’s petroleum guarantee, that is, to establish a multi-channel petroleum supply, to establish a petroleum reserve system, to develop alternative energy, to economize petroleum resource, to explore oceanic petroleum resource.