Based on identifying the sequence surface and analyzing the sequence stratigraphy of outcrops and well data, this paper regularized the stratigraphic classification of different facies from Permian to Middle Triassic in south Guizhou and middle Guangxi. This paper analyzed the filling processes at three evolution stages from Permian to Middle Triassic in the study area, i.e., stage of rift valley basin of passive margin, stage of rift valley basin of back-arc, stage of foreland basin. On such a basis, a model of sedimentary filling and dynamic evolution during the process of relative sea level change was constructed, which shows that the lowstand period was the alternate basin-upheaval stage, the transgression period was the formation stage of alternate platform-basin.