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Based on literature research in combination with the practice of CO2 flooding and storage in Jilin Oilfield, this study assesses the key problems in CO2 flooding and storage, proposing the corresponding countermeasures from five aspects of CO2 gas source condition, namely geological condition evaluation, scheme design incoordination with other production methods, economic and effectiveness evaluation, together with dynamic monitoring and safety evaluation. The results show that CO2 flooding is the most economic and effective CO2 storage method. In eastern China, inorganic origin CO2 gas reservoirs are widely developed and are especially the most enriched in the Paleozoic carbonate rock strata and the Cenozoic Paleogene–Neogene system, which provide a rich resource base for CO2 flooding and storage. In the future, CO2 generated in the industrial field will become the main gas source of CO2 flooding and storage. The evaluation of geological conditions of oil and gas reservoirs is the basis for the potential evaluation, planning scheme design and implementation of CO2 flooding and storage. CO2 storage should be below the depth of 800 m, the CO2 flooding and storage effects in low‐permeability oil reservoirs being the best. CO2 geological storage mechanisms primarily consist of tectonic geological storage, bound gas storage, dissolution storage, mineralization storage, hydrodynamic storage and coalbed adsorption storage. The practice of CO2 flooding and storage in Jilin Oilfield demonstratesthat the oil increment by CO2 flooding is at least 24% higher than by conventional water flooding. The most critical factor determining the success or failure of CO2 flooding and storage is economic effectiveness, which needs to be explored from two aspects: the method and technology innovation along with the carbon peaking and carbon neutrality policy support. After CO2 is injected into the reservoir, it will react with the reservoir and fluid, the problem of CO2 recovery or overflow will occur, so the dynamic monitoring and safety evaluation of CO2 flooding and storage are very important. This study is of great significance to the expansion of the application scope of CO2 flooding and storage and future scientific planning and deployment. [ABSTRACT FROM AUTHOR]