Based on paleogeomorphology, drilling and seismic data, this paper systematically studies the structural and sedimentary evolution, source rock characteristics, reservoir characteristics and formation mechanism, hydrocarbon accumulation model and enrichment law in the Linhe Depression of the Hetao Basin, NW China. The Hetao Basin mainly experienced three stages of evolution, namely, weak extensional fault depression, strong extensional fault depression and strike-slip transformation, giving rise to four positive structural belts (Jilantai, Shabu, Nalinhu and Xinglong), which are favorable areas for oil and gas accumulation. The two main saline lacustrine source rocks, Lower Cretaceous Guyang Formation and Oligocene Linhe Formation, are characterized by high sulfur content, rich algae, early maturity, early expulsion, and wide oil generation window. The large structural transition belt in the intermountain area around the Hetao Basin controls the formation of large-scale braided river delta deposits, which are characterized by high quartz content (50%–76%), long-term shallow burial and weak compaction, low cement content, and good reservoir properties in delta front sandbody. The burial depth of the effective Paleogene reservoirs is predicted to reach 8000 m. Three hydrocarbon accumulation models, nose-uplift near sag, buried hill surrounding sag, fault nose near source rock, are constructed. The law of hydrocarbon accumulation in the Linhe Depression is finally clarified as follows: near-source around the depression is the foundation, high-quality thick reservoir is the premise, good tectonic setting and trap conditions are the key.