Oil and gas are important energy resources and industry materials. They are stored in pores and fractures of subsurface rocks over thousands of meters in depth, making the finding and distinguishing them to be a significant challenge. The geophysical methods, especially the seismic and well-logging methods, are the effective ways to identify the oil and gas reservoirs and are widely used in industry. Due to the complexity of near surface and subsurface structures of new exploration targets, the geophysical methods based on advanced computation methods and physical principles are continuously proposed to cope with the emerging challenges. Thus, some new advances in theory and technology of oil and gas geophysics are summarized in this editorial material, especially focusing on the geophysical data processing, numerical simulation technology, rock physics modeling, and reservoir characterization.