Abstract: Shengtuo oilfield is the largest monoblock oilfield in the Bohai Bay Basin and even in the continental fault basins of eastern China. Since discovered in 1963, it has experienced rapid reserve discovery and production in the early exploration stage, high-speed exploitation and high and stable production in the middle exploration stage, as well as theoretical and technological innovations for expanding the exploration fields and a breakthrough in the fine development technology of high-water-cut reservoir for enhancing oil recovery and slowing down decline of oil production in the late exploration stage. Reserves of this oilfield increase in each stage. By the end of 2018, throgh more than 50 years of exploration and development, Shengtuo oilfield has the cumulative proved oil reserves of 5.12×10⁸t, and cumulative oil production of 1.93×10⁸t; it maintained stable annual oil production of more than 150.00×10⁴t in 2018. Abundant hydrocarbon resources, large anticline structure near to oil source, multiple types of reservoirs and traps, and favorable hydrocarbon migration channels provide excellent hydrocarbon accumulation conditions for Shengtuo oilfield. Fine development techniques such as water-flooding in the early development stage, fine reservoir description in the high water-cut stage, stratigraphic subdivision and well pattern vector adjustment, and fine potential tapping in rhythmic layers provide effective supports for continuous increase of reserves and long-term high and stable production of Shengtuo oilfield as well as continuous progress in exploration technologies for glutenite and turbidite reservoirs around the main body of the oilfield in the high-level exploration stage.