The Qixia Formation is one of the four suites of hydrocarbon source rocks in South China. Through field survey, and organic geochemical and paleontological studies, the authors believe that the Liangshan Member of the Formation is consisted of littoral mash and lagoonal facies; the Stink Limestone belongs to the transgressive carbonate slope facies; and all of the Upper and Lower Silicious Deposits, the Major Limestone and Top Limestone are upwelling slope facies deposited on the edge of a platform, in which storm deposits are observed. The source rocks have passed into a mature or over-mature stage. In the source rocks, the content of micritic carbonate is positively correlated with TOC. High-quality source rocks occur on the top of the Stink Limestone, middle and upper parts of the Major Limestone and some parts of the Top Limestone.