In deep water environment, the complicated formation has caused a lot of troubles during drilling practice. Some of the most significant problems that can be observed in the current drilling practice are the lost circulation, kick, blow-out borehole collapse and so on. This is mainly due to the tight mud weight window between pore pressure and fracture pressure. The inappropriate selection of mud weight used will easily causes drilling hazards. However, a new form of drilling technology which is called maanged pressure drilling (MPD) are introduced to deal with the problems encountered in offshore drilling. MPD succeed to resolve the problem of safe mud weight selection by prcisely managing the annular frictional losses. In this thesis, the advantages, problems encountered, and limitations in deep water drilling using MPD technique will be analyzed. Besides, the application of different strategies taken in MPD for deepwater drilling will be evaluated.