Abstract The Bohai Bay Basin is a typical oil-prone basin, in which natural gas geological reserves have a small proportion. In this basin, the gas source rock is largely medium-deep lake mudstone with oil-prone type II2-II1 kerogens, and natural gas preservation conditions are poor due to active late tectonic movements. The formation conditions of large natural gas fields in the Bohai Bay Basin have been elusive. Based on the exploration results of Bohai Bay Basin and comparison with large gas fields in China and abroad, the formation conditions of conventional large-scale natural gas reservoirs in the Bohai Bay Basin were examined from accumulation dynamics, structure and sedimentation. The results show that the formation conditions of conventional large natural gas reservoirs in Bohai Bay Basin mainly include one core element and two key elements. The core factor is the strong sealing of Paleogene “quilt-like” overpressure mudstone. The two key factors include the rapid maturation and high-intensity gas generation of source rock in the late stage and large scale reservoir. On this basis, large-scale nature gas accumulation models in the Bohai Bay Basin have been worked out, including regional overpressure mudstone enriching model, local overpressure mudstone depleting model, sand-rich sedimentary subsag depleting model and late strongly-developed fault depleting model. It is found that Bozhong sag, northern Liaozhong sag and Banqiao sag have favorable conditions for the formation of large-scale natural gas reservoirs, and are worth exploring. The study results have important guidance for exploration of large scale natural gas reservoirs in the Bohai Bay Basin.