As an important oil and gas-bearing area in the Tarim Basin, the Halahatang Area has great potential for resource exploration. However, the research on oil and gas sources and the filling period of the Lower Paleozoic Ordovician is still limited. In this study, the organic geochemical analysis of source rocks, the simulation technology of hydrocarbon generation evolution basin, the distribution characteristics of fluid inclusions, and the measurement of uniform temperature are used and combined with the stable isotope of natural gas and the characteristics of oil-source biomarkers, and the process of oil and gas accumulation is restored. The results show that: ①The Cambrian source rock is the main contributor to Ordovician crude oil in the Halahatang Area, and its crude oil shows the characteristics of lightweight, rich chain hydrocarbons, and poor aromatic hydrocarbons. The composition of C7 compound shows the advantage of n-heptane, which belongs to type I kerogen. The biomarker compounds show the characteristics of high content of long-chain tricyclic terpane and high Ts/Tm values, and the crude oil is considered to be a highly mature sapropelic kerogen source oil. ②The carbon isotopes of methane and ethane of Ordovician natural gas in the Halahatang Area are light (from −35.6 to −29.5‰), showing obvious characteristics of sapropelic gas. ③There are three stages of the oil and gas accumulation process in Ordovician reservoirs in the Halahatang Area. In the middle and late Caledonian periods, the source rock reached the hydrocarbon generation threshold and began to generate oil. The late Hercynian period was the main accumulation period, and the Himalayan period was dominated by dry gas filling. ④The crude oil generated in the Middle-Late Caledonian periods migrated along the faults and conductive layers and finally accumulated in the high parts of the structure in the north. The migration of oil and gas in the late Hercynian period was limited by the bitumen produced by early biodegradation. Since the asphalt plugging condensate gas has almost failed to cause gas invasion from the reservoir, the Ordovician reservoir still maintains the characteristics of crude oil-associated gas, forming an oil and gas reservoir with a gas cap.