This paper discusses the present status and the trend ofdomestic and international studies of sequence stratigraphy and depositional systems and presents relevant theories and basic concepts.The trend of sequence stratigraphywill be standardization of research approaches and specification of studied areas for application.In particular，the studies of deepwater sequences and carbonate sequences and sequence simulation should be strengthened.Studies of depositional systems should shift from static description to dynam ic simulation and from macroscopic analysis to m icroscopic characterization.Reconstruction of depositional processes will be strengthened，and depositional systemswill bemapped in amore standard and fine synchronic sequence framework，so as to provide more reliable foundations for petroleum exploration.