In this paper, the exploration potential and favorable zones prediction are investigated by the discussion of organic matter geochemical behaviors, hydrocarbon generation history simulation and hydrocarbon migration simulation of source rock. The results show that there are three sets of source rocks in the sag. Hydrocarbon migration simulation shows that QHD22-2 and QHD22-1 structures are not located in the hydrocarbon migration pathway, resulting in hydrocarbon dilution. The hydrocarbon of Qinnan Sag should migrate into the oil and gas fields of Shijiutuo uplift. The traps, the southern end of Liaoxi low uplift and the footwalls of Qinnan 1 fault, are favorable exploration areas.