Abstract：In order to explore the Panhe structure of Huimin depression, and to extend the exploration to deep zones, the structural features and the trap distributions of deep zones in the Panhe structure of Huimin depression are studied by using the recent 3D seismic data. Reservoir-forming conditions in deep zones in the Panhe structure, the reservoir types and the controlling factors of hydrocarbon accumulation are analyzed based on oil-sources, reservoirs and conditions of hydrocarbon accumulation. It is shown that two faults with NEE and NNE trends were developed, the fault extending towards the north was developed in the early-stage, which is the key of the local trap forming, the fault extending towards the south was developed in the late-stage with the long-term fault activity, which is the main controlling factor for oil & gas migration and reservoir-forming. The oil-gas generated in the Linnan sub-sagging was accumulated into the trap of the Panhe structure as a fault system by stepping migration and late migration. Complex fault block reservoirs with reverse fault blocks were formed, which shows high exploration potentiality, and the reverse fault step zone is the most favorable exploration target.