Abstract: The Bone Basin is a Cenozoic rift basin with very low exploration degree. Its petroleum system and main exploration targets are both unclear. Based on the comparative analysis of source rocks, reservoir characteristics and petroleum systems with the basins having similar tectonic history and depositional characteristics, we recognized that the Eocene tidal flat-lagoon facies source rocks are of good quality with type II-III kerogen. They are generally in a mature-high mature stage and oil-prone. Three sets of potential reservoir-seal assemblages are developed in the Bone Basin, the most important of which are the reef reservoirs in the Tacipi Formation from Mid-Upper Miocene to Pliocene and the Pliocene regional marine mudstone as covers. Therefore, the basin has great potential for oil and gas accumulation.