Based on intensive investigation on the borehole core lithology, seismic survey lines and laboratory experimental data, and with the instruction of the interdisciplinary theories of Sedimentology, Sequence stratigraphy and Petroleum geology, this paper has studied the regional geology, sequence stratigraphy, evolution of sedimentary environments, distribution of sedimentary facies zones, and oil-gas distribution of the Paleogene in the Jizhong depression.The study shows that the Jizhong depression has undergone five evolution stages, which refers successively to the rift segmentation-filling, the rift spreading and deep-subsiding, the rift withering, the rift-depression expanding, and the rift-depression withering and vanishing stages.A total of 12 sags in the Jizhong depression have been classified into five types of lacustrine basins, that is inheriting type, early prevailing type, transitional type, migratory type and subsiding type. Oil-gas-bearing Evaluation on the oil and gas potential of these different types of lacustrine basins indicates that the Langgu and Baxian sags, which have better prospects of oil-gas exploration, will be the main direction of oil-gas exploration. On the contrary, the Jinxian, Shulu, and eastern Raoyang sags should base upon their small faulted blocks to continuously find smaller pools to ensure the long-term steady output of oil-gas in the Jizhong oilfiled.