The pumped storage power station (PSPS) is a special power source that has flexible operation modes and multiple functions. With the rapid economic development in China, the energy demand and the peak-valley load difference of the power grid are continuing to increase. Moreover, wind power, nuclear power, and other new energy sources also develop very fast. Developing the PSPS is of great importance to the power source structure adjustment, and the secure and stable operation of the power grids in China in the 21st century. This paper provides a survey of the PSPS development in China. Over the last two decades, China's PSPS has developed quickly. The PSPS installed capacity had reached 21.83 gigawatts (GW) by the end of 2014, ranking among the top in the world. 27 PSPSs have been completed and put into production, and many with the installed capacity of more than 1200 megawatts (MW) are still under construction, including Fengning PSPS. In addition, a lot of sites suitable for the PSPS construction have been planned. With regard to the challenges existing in the exploitation course, some suggestions are proposed. There is a bright future for the PSPS development in China.