Abstract: The production of oil fields with economic output in each development stage is the key to ensure the maximum benefits of oil fields and the most economic development of reserves.In order to make better decisions on oilfield development investment and production scale in the low oil price period, and faster and more effectively respond to oil price fluctuations, according to the marginal decision theory and economic evaluation method, the connotation and their differences of the investment economic output, the economic output at the production stage, and the economic output at the later stage of development are discussed separately, the relationship between different economic output types is analyzed, and the principles and methods of determining the break-even economy output and maximizing benefits output at investment decision-making, production stage and later stage of development is systematically studied.Finally, three suggestions on the deepening the study of application method of economic production calculation results, the allocation method of single well cost, and the popularization of the connotation and application of economic production at all levels of the oil field are proposed, hoping to provide theoretical and methodological references for scientific decision-making on oilfield production and a faster and more efficient response to oil price fluctuations.