Abstract: For the purpose of petroleum resource surveying in new area and new formation, with the combined method of field survey and laboratory research, the contact relationship and sequence stratigraphic framework of Carboniferous-Permian strata were determined. Meanwhile, it was found that Yining Basin was characterized by “one rift and one chain” sedimentary framework in Carboniferous, which was east-west rift in general and east-west chain developed in northern area, however, it became a nearly east-west terrestrial rift basin with western opening direction in Permian. In addition, two sets of high quality source rocks were found in Akashake Formation of Carboniferous and Tiemulike Formation of Permian.