The Bohai Bay Basin, located in eastern China, is a significant petroliferous, non-marine rift basin, underwent intricate tectonic activities throughout the Cenozoic. The Nanpu Depression in the Huanghua sub-basin in the northern part of the basin was controlled by Paleogene rifting and increased subsidence. These geological processes resulted in the deposition of the Shahejie and Dongying formations, which exhibited varying quantities and qualities of organic matter. Eighty drill cuttings samples of the Paleogene First Member (Es1) and the overlying Third (Ed3) and Second (Ed2) members of the Shahejie and Dongying formations, respectively, were investigated. An integrated approach including organic and inorganic geochemistry, palynology, and mineralogy was employed to assess the paleoredox and marine incursion conditions, source rock quality and levels of thermal maturity, and factors that governed organic matter accumulation. Results indicated that the Es1 Member was deposited under anoxic conditions, resulting in the accumulation of organic matter-rich mudstones in the Nanpu Depression. Abundant pollen grains and acritarchs were found in the Es1 Member yielded along with minor occurrences of dinoflagellate cysts, freshwater algae, and spores. Terrestrial palynomorph composition provided evidence of increased terrestrial runoff, while the high abundance of acritarchs, accompanied by some dinoflagellate cysts, confirmed episodes of marine incursion and deposition under hypersaline conditions in the lacustrine Bohai Bay Basin. The Ed2 Member exhibited poor to fair amounts of organic matter and a limited potential of hydrocarbon generation with a variety of kerogen Types, including IV, III, II/III, and II. The Ed3 Member shows fair to good organic matter richness and hydrocarbon potential of kerogen Types III, II/III, and II. The Es1 Member emerged as the most promising source rock within the studied interval, boasting good to excellent organic matter richness, and fair to good hydrocarbon generation potential of kerogen Types III and II/III. Evaluating the thermal maturity of organic matter, based on Tmax and VRo-Eq% and related cross-plots, revealed that the Shahejie and Dongying formations are still in the immature to the early stage of the oil window. The mineralogical composition of the Es1 Member primarily consists of clay and quartz with some carbonate and accessory minerals, such as epigenetic halite, dolomite, and plagioclase. Weak correlations observed between the total organic carbon (TOC) and mineral components indicated that the availability of organic matter was primarily controlled by enhanced production and preservation rather than limited dilution under saline lacustrine, oxygen-deprived, and well-stratified water column conditions. Regional investigations of the Es1 Member confirmed the widespread anoxia and deposition of organic-rich source rocks in the Bohai Bay Basin during the Oligocene.