A full understanding of China's latest oil and gas reserves classification system and its differences with foreign classification systems serves to promote the reform of China's resources/reserves management and provides the premise for international cooperation and exchange. The study focuses on introducing the latest framework of China's oil and gas resource/reserve classification system in 2020 and the key points of revision, and expounding the characteristics of China's system by comparing with the representative foreign classification systems, following the comprehensive illustration of China's classification system evolution. China's classification system has undergone five revisions, with the latest one simplifying the division of exploration and development stages, types of oil and gas reserves and economic significance. The representative classification systems in the world can be grouped into three levels: government, oil companies and international organizations. China and foreign countries have similarities in the overall structural framework and basic units, but they are different in the classification of resources and reserves and the definition of terms. The Chinese classification system taking oil and gas reservoirs and traps as basic units of gradation, and geological reserves as the basis of classification, has been designed along the line of discovery, geological understanding, recoverability, and economic value. This meets the needs of Chinese government in management and development planning, as well as the complex geological conditions in reality. In view of the implementation of the new system, it is suggested that the data of relevant resources and reserves should be conversed and the evaluation system should be adjusted as soon as possible, and a cooperation and exchange mode that takes into account both domestic and international needs should be explored energetically. © 2022, OIL & GAS GEOLOGY Editorial Board. All right reserved.