The problem of petroleum safety is closely related to national politics and economics security and becomes one of key for discussion in China. The floating oil storage system has been proposed as a new facility for Strategic Petroleum Reserve (SPR) in our country. There are some differences in solving this problem. Although many of domestic research institutions are studying the project of SPR, the research is separate, and lack of comprehensive consideration, and fails to make a complete and scientific demonstration in many aspects, such as oil storage capacity, selection of storage sites, storage facilities, technologic and economic feasibility, risk assessment, etc. Therefore, no mature and systematic petroleum reserve theories have been formed up to now. Peoples argue the issue of objective of SPR, function, mode, cost, effect, etc. There are still many bifurcations, so, it is necessary to make more detailed demonstration, and provide some scientific decision-making strategy for the govments. In this paper, several significant problems are solved, for instance, the option of SPR facilities, the research on the principal characteristics of floating oil storage vessels, the analysis of mooring system for oil storage vessels, the design of breakwater and the calculation of failure probability, the risk assessment of floating oil storage system, etc.