Under the background of development strategy of energy revolution and low price，sustainable development in old oilfields is facing multiple challenges such as new energy extrusion，energy-saving and emission-reduction requirements，and low-cost development，etc. Based on systematic analysis on issues and challenges，new concept of green lowcost development of old oilfields was proposed，its connotation is to reduce the energy consumption in the process of producing crude oil as the key，and through co-optimizing the subsystem and multi-factors，to realize the lowest energy consumption and cost of unit oil and gas under the certain conditions of oil and gas production. Starting from the relationship between material and energy transformation，an integrated optimization model of production，energy consumption，cost and environment was proposed，and the green low-cost development mode was proposed for various types of oil reservoirs，various displacement media，various development methods and various development stages. It was applied to various types of oil reservoir as well. The practice shows that the green low-cost development is an effective way for the sustainable development in old oilfields.