Under the background of China’s energy structure optimization, environmental protection, energy conservation, and rising pressure of emission reduction, geothermal, as a potential strategic replacement energy, has ushered in new opportunities and challenges. This paper systematically summarizes the domestic achievements in the exploration and development of geothermal resources, analyzes the endowment, distribution, and accumulation mechanism of geothermal resources in China, and points out the main problems existing in the exploration and development of geothermal resources in China. On this basis, it looks forward to China’s urgent geothermal exploration and development work and key technologies to be urgently developed, providing important guidance for China’s geothermal science and technology innovation and rapid industrialization development.