Abstract: This essay depicts the current status and developing trend of global energy and chemical industry. Opportunities and challenges for developing domestic petrochemical industry are analyzed, and countermeasures are pointed out, such as adopting technical innovations to upgrade the ability of processing poor crude to high quality products; developing high-end chemical products to enhance the competitive power of enterprises; using technical and industrial advantages to promote the development of coal chemical industry for resource diversification; taking the advantage of integration to overall plan the utilization of various resources effectively.