It is more and more difficult to make important breakthrough on oil and gas exploration at present mainly research depth. So a very important tendency in recent years is to find oil and gas at deeper than present research strata. The extensive discovered deep oil and gas reservoirs that seated deeper than hydrocarbon stability temperature and stability depth lines have cause strong challenge to traditional oil and gas generating theory. Some new phenomena that occurred at deep oil and gas exploration are difficult to be explained by tradition oil and gas generating theory. This paper make a brief summary on research status and advances in deep oil and gas exploration. The discussions are based on from the point of temperature, occurrence and distribution, material base, stability and reservoir of deep oil and gas and states that deeper strata of the basins still have the ability to form commercial oil and gas reservoirs. The results of theory studying and practical exploration show that the source rocks are still have the commercial oil and gas generation potential at relative higher thermal revolution stages. The fractures and micro-fracture swarms at deeper strata are connected and they could be as the migration pathways and reservoir for deep oil and gas accumulation. It is possible to form the great hydrocarbon mineral resources at deeper basin strata.