The proposed TianQin gravitational wave observatory is aiming to detect gravitational wave signals in the millihertz frequency band, through the method of space-borne laser interferometry. In total, three satellites will be launched, each following a geocentric orbit, with an orbital altitude of about one hundred thousand kilometers. They form into an equilateral triangle formation, with an orbital period of <sc>3.6 d.</sc> The orbital plane of TianQin is fixed almost constant, towards one specific gravitational wave source, RXJ0806.3+1527, so that TianQins response to this source is maximized, and this source can be used to calibrate and assess the facilities performance. It is widely anticipated that in the millihertz frequency band, there lurks a wide variety of gravitational wave sources, ranging from massive black hole binary mergers, extreme mass ratio inspirals, Galactic binary white dwarves, stellar mass binary compact objects inspirals, as well as stochastic gravitational wave background. Meanwhile, the expected source number in such frequency band would also be huge. The successful implementation of the TianQin project would pave the way towards exciting prospects of future gravitational wave research. By successfully performing gravitational wave observation, the TianQin gravitational wave observatory can open a new window for the study of gravitational wave astronomy, gravitational wave cosmology as well as gravitational wave physics. The science prospect of TianQin gravitational wave observation can be further enhanced through a combination with multi-band gravitational wave detection and multi-messenger astronomical observations, by collaboration with gravitational wave detectors operating in different frequency bands as well as with other probes focusing on different messengers like electro-magnetic signals, neutrinos or cosmic rays. The TianQin project will also greatly promote the construction of a high-precision space-time reference system, ultra-long-range laser interferometry, high-precision satellite platform, etc. The development of cutting-edge space technologies has important applications in the national economy as well as the national strategic needs. Currently, the TianQin project has made important progress in the precision gravity measurement facility, the payload research base, the laser ranging station, the simulation facility for space-borne gravitation wave detection on ground, and the series test satellite for the TianQin project. Based on the long-term accumulation of relevant technology, the TianQin project team proposed the goal of achieving gravitational wave detection in the 2030s, and a 0123 plan roadmap is formulated, aiming to perform, step by step, lunar or relay satellite laser ranging, testing key technology like space-borne laser interferometry and drag-free control, verifying high precision space-borne laser interferometry technology, and ultimately detecting gravitational wave. By the 2030s, the scientific cooperation between scientists from all over the world and the use of various means to jointly conduct exploration and research on the Universe will face great development. So far, the TianQin project has held many international seminars and received extensive international attention and active participation. Currently, the TianQin Collaboration Group has been formally established, with a collaboration group advisory committee also established, consisting of scientists with significant influence in the field of gravitational wave detection all over the world. The TianQin project will establish a collaborative research or comprehensive cooperation agreement with foreign universities or research organizations, and vigorously promote the China-led space-borne gravitational wave detection business. Through extensive international cooperation, the TianQin project will unite domestic and foreign strengths and strive to take the lead in realizing the gravitational wave detection in the window of millihertz band.