This article elucidates the concept of large model technology, summarizes the research status of large model technology both domestically and internationally, provides an overview of the application status of large models in vertical industries, outlines the challenges and issues confronted in applying large models in the oil and gas sector, and offers prospects for the application of large models in the oil and gas industry. The existing large models can be briefly divided into three categories: large language models, visual large models, and multimodal large models. The application of large models in the oil and gas industry is still in its infancy. Based on open-source large language models, some oil and gas enterprises have released large language model products using methods like fine-tuning and retrieval augmented generation. Scholars have attempted to develop scenario-specific models for oil and gas operations by using visual/multimodal foundation models. A few researchers have constructed pre-trained foundation models for seismic data processing and interpretation, as well as core analysis. The application of large models in the oil and gas industry faces challenges such as current data quantity and quality being difficult to support the training of large models, high research and development costs, and poor algorithm autonomy and control. The application of large models should be guided by the needs of oil and gas business, taking the application of large models as an opportunity to improve data lifecycle management, enhance data governance capabilities, promote the construction of computing power, strengthen the construction of “artificial intelligence + energy” composite teams, and boost the autonomy and control of large model technology.