The southwestern area of the Ordos Basin, China, contains good oil/gas systems, similar to the main basin. However, no oil/gas reserves have been found because some magmatic rocks with different occurrences developed in the region, it resulted in the suspension of oil/gas exploration in the 1980s. By means of integrated research based on field investigation, geophysical interpretation, and data of drilling wells, this paper indicates that magmatic activities in the southwestern Ordos Basin display different properties over multiple periods. The Proterozoic and Palaeozoic magmatic rocks are mainly distributed as a large batholith in the Qinling Orogen, and the Qilian Orogen around the southwestern margin of the Ordos Basin. These Proterozoic and Paleozoic plutons have no effect on hydrocarbon source rocks and oil/gas generation in the Ordos Basin. However, the Mesozoic magmatic activities developed within the basin have obvious effects on oil/gas generation. Three kinds of exploration regions were selected within the southwestern Ordos Basin according to the distribution of hydrocarbon source and magmatic rocks as well as the thermal degree: (a) the marginal area of the basin, (b) the region of the Longmen Uplift distributed with concealed magmatic rocks within the basin, and (c) the region within the basin far away from concealed magmatic rocks. Three sets of gas source rocks, that is, the Upper Proterozoic algal dolostone, the Middle Ordovician dark shale, the Upper Paleozoic black mudstone of coal system, and one set of oil source rocks of the Upper Triassic lacustrine black mudstone and oil shale, are exposed in outcrops near the margin of the basin. They all display a low thermal degree with vitrinite reflectance (Ro) below 1.3%, and they do not contribute to oil/gas accumulation because of earlier tectonic uplift. The gas source rocks and oil source rocks, which occur within the basin area of the Longmen Uplift, where the concealed magmatic rocks, display an abnormal thermal degree of over maturation with Ro over 3.4% and underwent dry gas generation because of heating from magmatic activity, and they have gas exploration potential. The source rocks distributed within the basin area away from concealed magmatic rocks display a normal thermal degree and oil/gas generation. The Ro of the Upper Triassic oil source rock is 1.0–1.6%, which is under the thermal maturity stage of liquid oil generation, whereas that of the Upper Paleozoic gas source rocks is 2.0–2.5% under the thermal maturity stage of gas generation. Measured Ro and burial depth of source rocks in the region show a linear relationship, which indicate that source rocks experienced thermal evolution and oil/gas generation under the normal burial thermal condition rather than the magmatic activity. This region has the most potential for both oil and gas exploration.