In recent years, Offshore Wind Power (OWP) has gained prominence in China’s national energy strategy. However, the levelized cost of electricity (LCoE) of wind power must be further reduced to match the average wholesale price. The cost-cutting and revenue-generating potential of offshore wind generation depends on technological innovation. The most recent studies and applications of offshore wind technology are thoroughly examined. (1) Techniques for site selection, such as site surveys, wind resource assessments, and environmental factors, are reviewed. (2) Three main technical components in offshore wind farms are discussed, including wind turbine, foundations, and booster stations. (3) The state-of-the-art method of the offshore wind farm’s construction and operation and maintenance (O&M) practices is discussed. In situ marine geological surveying, large-scale offshore wind turbine manufacturing, integrated structural design, floating foundation design, flexible DC transmission technology, shortage of specialized vessels and equipment for construction, intelligence of O&M, and other issues are challenging China’s OWP industry. A brief overview of China’s efforts in standardization, parity, and research and development are discussed. Recommendations for future development of the wind power industry are provided for China, which may be referable for other nations with comparable circumstances.