As the demand and external dependence of domestic natural gas increase, China strengthens the construction of underground gas storage (UGS) and the related technological researches in order to ensure a safe, smooth, continuous and reliable gas supply. This paper reviewed Sinopec's UGS construction status, analyzed the opportunities and challenges and summarized the research progress of Sinopec's key UGS construction technologies. And the following research results are obtained. First, Sinopec's UGS construction started late, but its development potential is huge. Second, Sinopec's UGS sites are close to the consumption areas, so the geological conditions are complicated and poor. Third, a series of key technologies for the construction of UGSs rebuilt from geologically complicated gas reservoirs are preliminarily developed, including site selection and evaluation, dynamic sealing capacity evaluation, geological reconstruction, effective storage capacity evaluation, optimal design of storage capacity parameter and construction scheme, and whole-life cycle integrity evaluation. Fourth, several key technologies are studied, such as the selection of water-bearing trap resource, geological evaluation of UGSs rebuilt from gas-bearing traps, the formation mechanism of effective gas caps and the optimization of key storage capacity parameters, and the key technologies for the construction of aquifer UGSs are also explored. Fifth, key technologies for salt cavern UGSs are researched, including cavity design and stability evaluation, multi-interlayer collapse, and cavity shape control. In addition, a breakthrough progress is made in the technologies for constructing salt cavern UGSs with thick interlayers. In conclusion, a series of key UGS construction technologies provide a powerful support for the construction and development of Sinopec's UGSs and promote a fast and effective development of Sinopec's natural gas business.