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Underground water-sealed caverns are currently being constructed to facilitate the storage of crude oil, refined oil products,and liquefied petroleum gas. These caverns are witnessing a growing trend towards large-scale storage and a diverse range of storage mediums. As advancements in design and construction technologies for underground water-sealed caverns continue, the associated industrial system also improves. This paper presents a comprehensive overview of the origin and development of Chinese and International underground water-sealed cavern technology. It explores the core technologies through the whole process of underground water-sealing storage cavern construction, including designing, surveying, and constructing, with a particular focus on the current construction technologies for pressurized caverns and atmospheric caverns. The study identifies various challenges associated with the development of this field, including the need to improve current industry standards and the technologies in engineering design and exploration, engineering equipment and construction. Furthermore, the paper assesses the future prospects of refining existing technologies, introducing improved iterations, and leveraging new business applications based on the unique characteristics of these caverns. Finally, key technologies are proposed to facilitate the overall construction process of the underground water-sealed caverns.These research findings are valuable in improving current technologies and serve as a reference for the development of storage methods for petroleum products, cryogenic materials, and new types of gas energy for which contact with water is not desirable.