Abstract: Since the oilfield establishment, a large amount of land has acquired due to exploration and development needs. After several decades of development, it has been influenced by factors such as relevant land use policies, geological understanding of exploration, and producing and operating. So far, it has formed a current situation of 175 plots of 649.4 hectares of inefficient land resource. In order to properly solve the asset burden caused by inefficient land resource, and achieve maximum rational utilization, this paper explores five ways of revitalizing and utilizing them: new energy projects, cooperative development, self-cultivation, land reclamation and ecological restoration, and paid land recycling by government. Through comprehensive calculation of benefits and comparison of land ownership costs, as well as analysis of land use constrain, ecological red lines and permanent basic farmland, and problems faced by land reclamation, it is found that the way of revitalization and utilization by new energy projects are more feasible than other methods. According to ideal expectations, it is possible to achieve an installed capacity of 275.5 MWp, an annual power generation of 35 212.5 kW·h, an investment return period of 7 years, and activate 543.3 hectares of inefficient land. According to ideal expectations, the land planned to achieve paid land recycling by government can reach to 26.545 million yuan, and activate 17.7 hectares of inefficient land. The profit from cooperating with local government or self-cultivation is less than 500 000 yuan per year, and the self-cultivation model is subject to significant external risks. The five revitalization methods still rely on the grasp of national and local land policies, and need to negotiate with relevant government departments, solve the problem gradually from easy to difficult.