By analyzing the China’s hazardous waste management policy and the existing problems in hazardous waste management, the elements of hazardous waste management in oil and gas exploration enterprises were identified. Based on the theory of life-cycle management under the concept of sustainable development, combined with literature research, a three-level comprehensive index system was constructed by using the AHP–entropy weight method to evaluate the hazardous waste management capability of oil and gas enterprises. It was proposed that oil and gas enterprises should further strengthen the life-cycle management of hazardous waste, strengthen the assessment of hazardous waste management capacity, continuously establish a sound hazardous waste supervision system, and actively build a hazardous waste information control platform to realize the whole-process tracking management, as well as other suggestions.