Neoproterozoic strata are widely developed in the Upper Yangtze region of South China, among which the Sinian Dengying Formation has been discovered with numerous large gas fields in the Sichuan Basin, and hence they have become an essential domain for natural gas exploration and development. The early‐to‐middle Neoproterozoic Nanhua System and Doushantuo Formation are characterized by rifting deposits in the northeastern margin of Sichuan Basin, but their depositional succession and sequence architectures are still unclear, which has largely restricted our understanding of the resource potential of these strata. In this paper, based on the outcrops of the Neoproterozoic Nanhua System and Doushantuo Formation in the northeastern margin of Sichuan Basin, we describe the stratigraphic distribution and sedimentary evolutionary characteristics, and establish the regional stratigraphic framework, sedimentary cycle and evolutionary sequence of the Nanhua System and Doushantuo Formation. The results show that the lithology of the Nanhua System and Doushantuo Formation is primarily composed of conglomerate, conglomeratic sandstone, medium‐fine sandstone, siltstone, mudstone, shale and tillite; a variety of sedimentary facies including alluvial fan, river, delta, coastal shore, shelf, basin and tillite were developed; five third‐order sequences could be identified, representing multiple cycles of marine transgression and regression. The climate during the deposition of the Nanhua System and Doushantuo Formation underwent from a warm and humid pre‐glacial period through cold and arid multiple glacial periods to a warm and humid interglacial period, which consequently formed a sedimentary sequence of alluvial fan and fluvial delta to tillite during the early period, shelf basin to tillite during the middle period and slope basin to delta facies during the late period. In terms of a plan view, the depositional pattern is composed of alluvial fans and deltas at the proximal part of the rift, deep‐water shelf to slope at the middle part of the rift and slope to basin facies at the central part of the rift. Finally, we propose that large‐scale distribution of high‐quality source rocks developed in the interglacial Datangpo and Doushantuo formations, while fluvial‐deltaic reservoirs occurred in the Gucheng, Nantuo and Doushantuo formations, thus showing favourable resource potential and exploration prospects within the Sichuan Basin.