Oil and natural gas have increasingly become potential resources for the socio-economic development of Tanzania. Understanding the factors on its sustainability remains of critical importance. This study intended to analyze the factors for the sustainable development of oil and gas resources in Tanzania. We collected quantitative data from 250 participants through a questionnaire, whereas data collected were analyzed using descriptive and inferential statistics. Results show that institutional development, enterprise development, and good governance are pertinent factors for the sustainable development of oil and gas resources in Tanzania. The study offers the implication that to realize the benefits of oil and gas resources for the long-term development of Tanzania, policymakers should ensure institutional and enterprise development, and promotion of governance framework to enhance transparency and accountability in the oil and gas sector. Moreover, we recommend that the realization of long-term extraction and sustainable development of oil and gas resources in Tanzania, robust policies, strategies, good governance frameworks and combined efforts of the government, oil companies, and private sector, civil organizations, and citizens’ participation in the management of oil and gas resources is of critical importance.