Affected by the complexity of the global economic situation，the downward pressure of the oil industry in Henan Province is pretty big. Due to the relative lack of oil resources，the per capita oil reserves is much lower than the domestic average，what’s more，the overall processing capacity is relatively small，the external dependence is relatively high，and the product variety is relatively simple. This paper based on the summary of oil development characteristics in Henan Province，in-depth analyses the development of oil industry situation in 2016，makes a prediction for the development of oil industry in 2017，and at last makes countermeasures and suggestions about the healthy and orderly development，transformation and upgrading of the oil industry in Henan Province.