The diagenetic evolution of sandstone is very complicated under the conditions of high temperatures and pressures in deep-water, deep-buried regimes, which have great influence on reservoir quality. This study investigates the typical reservoir target of Neogene deep-water, submarine-fan sandstones under high-temperature, high-pressure regimes in the Qiongdongnan Basin, South China Sea. Utilizing a thin section, scanning electron microscope (SEM), mineral geochemistry combined with burial history evolution, complex diagenetic events, and main controlling factors of the sandstone in the Neogene Meishan Formation were determined. The results show that the evolution of sandstone reservoirs is initially controlled by depositional framework compositions and subsequently modified by eogenetic and mesogenetic alterations during progressive burial. Eogenetic alterations mainly include the following: (1) mechanical compaction; (2) dissolution of feldspar; (3) low-Fe calcite cementation. Mesogenetic events were identified as the following: (1) dissolution of feldspar; (2) ferroan calcite and ankerite formation; (3) precipitation of quartz and clay mineral. Mechanical compaction is greatly influenced by the original depositional framework composition, and sandstone samples enriched in high contents of detrital clay matrix always experienced extensive mechanical compaction. Different phases of carbonate cement during different diagenetic regimes lead to continuous destruction on reservoir porosity. The dissolution of unstable feldspar minerals during eogenetic and mesogenetic environments leads to the development of secondary porosities and would enhance the quality of the reservoir. Overpressure formation is pervasively developed owing to early disequilibrium compaction and subsequent natural gas charging. Only well-sorted sandstones with low contents of detrital clay matrix could resist early mechanical compaction, lead to ample residual original porosities, and then undergo extensive mineral dissolution to generate sufficient secondary porosities. Subsequently, these porosities would be effectively protected by overpressure formation. Poor-sorted sandstones with high contents of detrital clay matrix would experience strong mechanical compaction and extensive destruction of original porosities. Thus, these sandstones are difficult to have significant dissolution and are unable to be effectively protected by overpressure formation. Therefore, the interplay between the original framework composition and the corresponding diagenetic pathways coupled with overpressure formation would result in strong reservoir heterogeneity for the deep-buried sandstones during progressive burial.