Abstract: Represented by the Tahe oilfield，the carbonate fractured-cavity reservoir is a special type of reservoirs that have large caves and fractures as the major accumulating space. The reservoir distribution is complex and the fluid flow in main fractured-cavity media is incompatible with the Darcy seepage flow law, so that the reservoir development can not use the mature development theory and technology of clastic rock reservoirs for reference. Through scientific and technological researches in recent years, some theoretical problems on the formation mechanism of fractured-cavity reservoirs and the related fluid dynamic mechanism have been solved, and three key technical achievements have been obtained, including the geophysical description of ultra-deep fractured-cavity reservoirs, the fractured-cavity reservoir modeling under the multiple-scale karst-facies control and the numerical simulation of fractured-cavity reservoirs, all of which have effectively guided the water injection development and enhanced the development effect of fractured-cavity reservoirs in the Tahe oilfield.