Abstract: Unconventional oil and gas reservoirs have become the primary resources for increasing hydrocarbon reserves and production in China. However, their development heavily relies on horizontal well network fracturing technology and multi-well pad operation modes, while China’s overall fracturing technology and equipment remain in a “catch-up” phase. Key challenges include low independence of core model algorithms, insufficient service life and intelligent capabilities of high-pressure equipment, and bottlenecks in fracture monitoring technologies, all of which urgently require systematic innovation breakthroughs. Literature review and benchmarking analysis reveal that significant progress has been made in China in terms of network fracturing processes, accuracy of 3D fracture propagation models, and the development of ultra-high-power electric-driven fracturing equipment, etc. Nevertheless, compared to international benchmarks, domestic fracturing technologies face multiple challenges, including insufficient independence in core algorithms of domestic fracturing software, short service life of high-pressure units, low accuracy of microseismic monitoring, low degradation rates of eco-friendly fracturing fluids, and insufficient precision in intelligent sliding sleeves. All of these limitations collectively constrain the stimulation effectiveness for the complex reservoirs. To address these challenges, a systematic approach is essential to drive multi-technology collaborative innovation, focusing on breakthroughs in software autonomy, equipment intelligence, process precision, and material eco-efficiency. By 2030, China aims to establish a globally leading unconventional fracturing technology system, supporting oil and gas self-sufficiency, and energy security strategies while promoting the development of highly efficient, intelligent, and low-carbon fracturing technologies.