Abstract: China boasts abundant hydropower resources, and after years of development, its comprehensive capabilities across the entire industry chain, including hydropower survey and design, engineering construction, and equipment manufacturing, which have reached world-leading levels. The 14th Five-Year Plan period (2021 to 2025) marks a crucial phase for China s hydropower sector transitioning from rapid expansion to high-quality development. Guided by the Dual Carbon Strategy (peaking carbon emissions and achieving carbon neutrality), the functional orientation of hydropower has undergone transformative changes, with major breakthroughs in strategic hydropower planning, continuous scaling-up of construction projects, and innovative expansion of development models. This paper systematically reviews hydropower development progress, particularly examining planning targets and key missions since the 14th Five-Year Plan implementation. It analyzes opportunities and challenges facing hydropower in the context of new requirements from emerging energy systems and modernized power grid development, while projecting future development pathways and functional positioning. Research indicates that newly operational hydropower capacity during the 14th Five-Year Plan has generally met schedule requirements, with approved installed capacity already fulfilling planning targets. Looking ahead to the 15th Five-Year Plan and beyond, China s hydropower development will adopt a dual focus on capacity expansion and operational optimization, serving both electricity supply and grid stability functions. Projections suggest China s conventional hydropower installed capacity could exceed 500 million kilowatts by 2050. This study provides data support and strategic references for the sustainable development of China s hydropower industry.