In order to further investigate the principles and technology for simulation modeling of gas hydrate petroleum system, a thorough review is made in this paper on the current technical development in the system, in addition to a summarization of some typical cases, such as the Gulf of Mexico, the north slope of Alaska Hydrate Ridge and the natural gas hydrate discoveries in China. The current gas hydrate petroleum system was building upon the model of traditional petroleum system, which includes the generation, pulsation, migration, accumulation and dissemination of petroleum in 3D geological models in different ages. Facts show that the model could also be used for simulation of gas hydrate distribution in different geological periods, migration of thermogenic/biogenic methane, hydrate forming time and resource potential in the stable zone. The result of simulation confirms in general that the migration of gas bearing fluid is an important controlling factor for gas hydrate accumulation. The simulation system could be used to predict the spatial distribution and geological evolution of the gas hydrate stable zone, thermogenic gas and biogenic gas generation, migration and accumulation during the formation of gas hydrate, and quantitative simulation of hydrate resources. Currently, the research and application of this technology is still limited in China, therefore, we should improve the theoretical research as well as exploration and development of gas hydrate in China based on the experience of previous studies.