Abstract: To fight against climate change, many countries have clearly put forward the schedule for peak carbon emission and carbon neutrality. Low-carbon economic development has turned into an irreversible trend, and low carbon has become the target of energy structure transformation. Accordingly, it is projected that the proportion of demand for fossil energy will drop sharply, which will create severe challenges for the development of the oil and gas industry. For these reasons, analyses were made on the low-carbon transformation characteristics of economy and energy under the background of carbon neutrality and the influence of carbon neutrality on the development of the oil and gas industry. Then, the main countermeasures taken by oil companies and oil service companies for carbon neutrality were introduced, including formulating green and low-carbon development strategies, accelerating the development of low-carbon energy businesses, boosting the research and applications of low-carbon technologies, increasing investment in the field of new energy, accelerating the low-carbon development in petroleum engineering, and planning the low-carbon energy service business. Finally, suggestions were put forward for the development of the oil and gas industry in China, such as quality upgrading, orderly low-carbon transformation of energy structure, acceleration of innovating low-carbon technologies, and the promotion of transformation and development in the oil and gas industry. This study provides guidance for China’s oil and gas enterprises to promote a coordinated development between new energy and the oil and gas business, and to facilitate green and low-carbon transformation and development while ensuring a safe oil and gas supply.