In order to solve the problem that water flooding is difficult to effectively develop low-ultra-low permeability reservoirs, Sinopec has carried out more than 30 field tests of CO₂ flooding, and achieves preliminary results and understanding. In this paper, firstly, the field test progress of CO₂ flooding and typical reservoir effects of SINOPEC are systematically described. Then, the change characteristics of technical policies and key indicators are analyzed. Finally, the problems faced by the development of CO₂ flooding in Sinopec are pointed out, and the development suggestions are put forward. The analysis reveals that the CO₂ flooding is an effective method to supplement energy for the low and ultra-low permeability reservoir. In order to produce more oil, WAG （water alternating gas） flooding are performed after continuous gas flooding. The oil well take effects about 6 months after the program is implemented. The average oil production by single well is increased by more than one-time and the oil change rate is 0.15~0.40 t/t. But the economic benefit through CO₂ flooding is limited by two problems. The first one is that the minimum miscible pressure for CO₂ is usually higher than 25 MPa in the low and ultra-low permeability reservoir and it is difficult to achieve fully miscible condition. The second one is that the lack of low-cost gas sources limits the economic benefits of CO₂. In order to improve the oil displacement efficiency and achieve high economic benefit, not only the national subsidy policy is required, but also the optimization for CCUS is needed. The CO₂ flooding can also be performed with chemical agents, flue gas or nitrogen to improve oil displacement effect and enhance economic benefit.