This paper is the result of geological survey engineering. Objective In the modern energy system, energy reserve plays an important role. Strengthening the energy reserve system, ensuring stable energy supply, and handling the impact of various emergencies in the international and domestic energy markets are an important topic in China's energy development. Methods Based on the types of underground space storage facilities, combined with the construction of global underground space storage facilities and related research experiments, this paper deeply compares and analyzes the development status of oil and gas storage in the world and China, so as to put forward reasonable suggestions to ensure energy security. Results (1) The utilization of underground space for energy storage is an important direction of future energy storage maintenance. This is an effective way to peak regulation of natural gas, sustainable supply of renewable energy and efficient use of hydrogen on a large scale. The development of underground space energy storage is a key issue to achieve carbon neutrality and upgrade China's energy structure; (2) Global underground space energy storage facilities can be divided into five categories: salt cavern, water-sealed cavern, aquifer, depleted oil and gas reservoir and abandoned mine; (3) The construction of underground space energy storage facilities was carried out earlier in foreign countries, which should take the lead in the construction of underground energy storage power stations, underground hydrogen storage facilities, oil reserves and natural gas reserves. Conclusions In the complex international background, China's energy security faces severe challenges. It is imperative to investigate the energy storage capacity of underground space, establish more underground space storage facilities and carry out national underground storage planning together with related enterprises.