Abstract: The Gulf of Mexico Basin is a rift basin during the Mesozoic-Cenozoic. Lower plays may exist in the deepwater area of the Northern Gulf of Mexico on the US side. Hydrocarbon is generated from the source rocks lower and accumulated in the reservoirs upper. The Jurassic is thick and rich in source rocks. The area up to the half depth of the basin still remains in the mature stage. The Cretaceous is the main reservoir with good physical properties. The whole basin is covered by a salt formation which keeps the basin remained in a low geothermal gradient (about 1.8~2.3℃/100 m), resulting in the delay of the critical moment of petroleum system. It is inferred that the pre-Tertiary formation contains a large amount of oil and gas in the deepwater area of the Northern Basin, and the Cretaceous of Northern Gulf of Mexico Basin is a promising exploration target with great oil and gas potential.