The study of internal-wave and internal-tide deposits is a new research field on sedimentology during the last ten years. Deep-water traction currents induced by internal waves and internal tides are developed on the modern sea floor, which can form not only all kinds of small scale and dispersal deep-water traction currents deposits, but also large-scale sediment wave in km-size scale. In this paper, the concepts and features of internal waves and internal tides in oceanography are introduced, and the characteristics, sedimentary sequences, sedimentary microfacies and sedimentation models of internal-wave and internal-tide deposits found and the origin of large scale sediment waves in deep sea bottom are summarized. The relationship between internal-wave and internal-tide deposits and petroleum is discussed, and finally internal-wave and internal-tide deposits are shown to be a new potential field for petroleum exploration.