Abstract: Offshore oil spill accident is one of the most serious marine environmental damage, which also produces huge compensation. Therefore, the special research on environmental pollution damage liability insurance for oil spill in marine oil exploration and development is particularly important. The insurability of this risk, as the key of the object of insurance, should be the basis of research. Using legal and economic theory, we analyzed the shortcomings of environmental pollution damage risk of marine oil exploration and development based on the "classic definition" of insurability, and analyzed the optimization feasibility of this risk based on the "modern definition" of insurability. At the same time, using marine numerical simulation technology, we took the Bohai Sea area as an example, and analyzed the basic characteristics such as the determination of oil spill pollution damage risk and the occurrence scale. The insurability of oil spill environmental pollution damage risk in marine oil exploration and development is demonstrated.