The Panyu low uplift is one of the most favorable oil and gas accumulation zones in the Pearl River Mouth Basin. Multiple gas fields and gas-bearing structures have been found in this area. The OGIP is estimated as about 120 billion cubic meters. How to find new oil and gas exploration areas on the basis of exploratory results is important for the sustainable development of the natural gas exploration in the Pearl River Mouth Basin. In this paper, the sequence stratigraphic framework of this area is built and the sequence structure characteristics, the depositional evolution and its control factors are analyzed based on the previous studies, the seismic data, the well log curves and the paleontology. The sequence boundary identification and the structure characteristics of the sequence stratigraphy are presented, together with the distribution and the development of sedimentary facies in the sequence stratigraphic framework of this area. It turns out that there are several different sedimentary sequence development models in the evolution stage of the Pearl River Mouth Basin. The sequence structure characteristics and the distribution of the sedimentary systems are mainly controlled by the sea level variation and the faulted slope-break zone, as a result, there are five reservoir-seal assemblages formed in this area, among which two have a good exploration potential.