This study investigates the potential oil recovery and carbon storage of the residual oil zone (ROZ) in Illinois Noble Field Cypress Sandstone reservoir. Geological traits and oil-migration-resulted saturation are discussed, simulation reservoir model is then developed from scratch based on the selected geophysical logs. Afterwards, a reservoir simulation model is tuned and verified through the history matching of Cypress Sandstone formation production. Eleven different scenarios are performed beyond the waterflood phase, depending on variable CO2 availability scenarios and MPZ-ROZ development strategies. Several pivotal parameters reflecting EOR-storage performances, including cumulative oil recovery, CO2 storage, net CO2 utilization, oil production efficacy and CO2 storage efficacy are investigated to optimize the development strategy.