Abstract: The Chinese-French Oceanic Satellite 1 (CFOSAT-1) was successfully launched on October 29, 2018. The satellite was developed under cooperation between China and France. CFOSAT-1 realizes joint observation of sea waves and wind for the first time in the world. This paper introduces the background of the satellite, including application goals and the division of the project. The paper describes the satellite platform composition, the coverage and benefit of conducting joint observation as well as the working principle, structure and performance of the two payloads, SCAT and SWIM, and introduces the in-orbit observation results of sea wind and waves. The difficulties during the development, solutions and acquired experience for future international space cooperation are also introduced. Finally, the conclusion concerning CFOSAT-1’s contributions to sea state forecast, marine and climate research, as well as its important role in the ocean dynamic environment detection system.