Sediments of subaqueous gravity flow channel were developed in the Shahejie Formation of Paleogene in Tangjiahe Oilfield, Huanghua Depression. Three microfacies can be identified as channel center, channel margin and inter-channel. The sandbody is ribbon-shaped, generally 100500 m wide, and 210 m thick. According to the differences of reservoir quality, gravity flow channel can be classified as four kinds. Each kind of reservoir shows different lithology, property, and production capacity. The distribution variation of faults, sandbodies and reservoir quality formed the complex structural-lithologic traps. Faults are crossed slantways with ribbon sandbody, resulting in small-scaled traps. Differential distribution of reservoir quality and complex oil-water relation form discrete and bitted oil pools. The quantitative reservoir model and differential distribution model of oil-bearing strata have great significance in the oil and gas exploration of gravity flow channel sediments.