Abstract: Chemical flooding is an enhanced oil recovery technology which can achieve high-intensity oil displacement and deeply change the reservoir oil-water-rock interaction mechanism. It is an important way to greatly enhance oil recovery in the moderate-high-permeability reservoirs, and has a great significance to the sustainable development of oilfields. This paper reviewed the development of chemical flooding technology, investigated the research progress of the main chemical flooding mechanism including emulsification, wettability alteration, and summarized the chemical flooding formulation, injection scheme, injection and production technology, surface construction standardization and other results. Through analyzing the applicable conditions, economic feasibility and environmental impact of chemical flooding, this study proposed a new trend of chemical flooding towards no alkali, high efficiency and green system. The main strategies of chemical flooding against low oil price should take secondary and tertiary combination, high-efficiency chemical production system, surface construction standardization and functionization as the main means, and thus can ensure chemical flooding becomes a more efficient, low-cost and new green enhanced oil recovery technology under the condition of low oil price.