As the largest marginal sea in western Pacific, the South China Sea is rich in oil and gas resources, and the difference in hydrocarbon occurrence laws between the north and south is large. On the basis of the systematic analysis of the MesozoicCenozoic strata and sedimentary facies development characteristics of the South China Sea, the petroleum geological conditions of the typical petroliferous basins in the south and north of the South China Sea were compared and analyzed. The results show that the reconstruction of the sedimentary strata of the ancient South China Sea by the opening process of the South China Sea causes the existing residual strata to separate from north to south, mainly distributed in the Pearl River Mouth Basin and the Tainan Basin in the north, and in the Lile Basin in the south. It is inferred that there are Mesozoic-Cenozoic hydrocarbon accumulation models of “selfgeneration and self-storage”, “new-generation and paleo-storage” or “paleo-generation and new-storage”. The Cenozoic oil and gas reservoirs in the South China Sea are under the tectonic stress background of “north extension and south extrusion”. The distribution of large clastic reservoirs has been controlled by the paleo-water system since Paleogene. Regional tectonic movements and sea level change controlled the development of Miocene carbonate reservoirs. The deep-water canyons, deep-sea fans, and fan-delta sedimentary systems controlled by paleo-geomorphology since the early Cenozoic have spawned potential deep-water reservoirs. In a word, the south and north sedimentary strata of the South China Sea have their own characteristics, and the hydrocarbon accumulation conditions have their own advantages, but they all have good prospects for oil and gas exploration. This paper is expected to provide reference for future strategic deployment and selection of oil and gas exploration in the South China Sea.