Both basic and petroleum geology characteristics of Sao Francisco Basin, Brazil are studied and analyzed systematically with basin resource evaluation. According to the research, the basin possesses a long and complicated tectonic evolution history. It underwent the stages of lift, passive continental margin, and foreland in turn. Each stage left its feature in the basin. Three main sequences are formed in the basin: Espinhaco Group, Macaubas Group and Bambui Group. In the basin, effective source rock, favorable reservoir and regional caprock all develope in the Bambui Group and Macaubas Group. Meanwhile, the source-reservoir-cap assemblage in the basin is favorable, and the effective traps are plenteous, including structural traps, stratigraphic traps, and structural-stratigraphic traps. Through the research of accumulation, regional unconformity and fractures formed during Brasilia Orogeny are defined as the migration pathway, which facilitated the accumulation of hydrocarbon in different traps. Moreover, compared with the same kind of basins in the world, the result shows the Sao Francisco Basin possesses favorable petroleum potential.