Qianmiqiao Condensate field is discovered in October 1998 and began to yield commercial oil and gas in June 1999. It is located at the northeastern pitching end of Beidagang anticline belt in Huanghua Depression and is representative of low-positioned buried hills in Bohaiwan Basin. The main reservoir or pay bed is Ordovician upper Majiagou carbonate rock and hydrocarbon derived from Tertiary hydrocarbon source rocks in Banqiao and Qikou depressions on the north and south of it. The field covers a hydrocarbon area of 57.1km2 and holds proved reserves in-place up to 39.468×109m3. Exploitation activities have confirmed that the field is characteristic of complex anisotropic reservoir that is controlled by a number of fractures and karstificated caves, which is hard to ascertain the distribution rules of hydrocarbon in reservoir. The exploration history and enlightenment of the field are reviewed. The success during exploration and frustration during development are also discussed.