The Ri-Qing-Wei basin is located in the central Sulu Orogeny on the eastern side of the Tanlu fault zone in eastern Shandong province. To the north, the Jiaonan uplift separates it from the Jiaolai basin, where drilling in the lower Cretaceous sedimentary rock of the Laiyang group has indicated good oil and gas reserves. Drilling in the Ri-Qing-Wei basin, in contrast, is in the preliminary exploration stage. Lingke 1, the only scientific well, is on Lingshan Island on the basin boundary, and it encountered a large set of source rocks 700 m thick. The two basins were comprehensively compared and analyzed based on comprehensive fieldwork, drilling, core data, seismic profiling, sedimentary filling sequence, tectonic evolution history, basin burial history, geothermal history, and geochemical characteristics of the source rocks. The results showed three things: (1) from the late Jurassic to the early Cretaceous (the Laiyang period), subduction of the paleo-Pacific plate under the Eurasian plate delaminated the lithospheric mantle of the Sulu Orogeny, thus forming a series of passive continental rift basins. Of these, the Ri-Qing-Wei is central and the Jiaolai is its branch. After the active rift stage in the Qingshan period and the depression stage in the Wangshi period, the burial depth of the source rocks in the Ri-Qing-Wei basin was up to 6000 m, while the maximum burial depth in the Jiaolai basin was about 3000 m. The paleogeotemperature of both basins exceeded 125 °C, indicating that the source rocks were very mature. (2) A comprehensive comparison of their geochemical characteristics—organic matter abundance, type, and maturity—showed that both basins have oil-generating potential. It is worth noting that the magmatic activity in the Qingshan period had a positive effect on the evolution of the source rocks but was not the key factor: burial depth was. (3) Oil and gas failed to accumulate in the Jiaolai basin because they were destroyed by the lateral tectonic activities. During the right-lateral strike-slip stage (50 ± 5 Ma) during the late Wangshi, the Jiaolai basin was strongly uplifted over a range of more than 1000 m by the Tanlu and Wulian-Mouji fault zones along the boundary. The Wangshi group, as a cap rock, was eroded, and oil and gas overflowed along the fault that reached the surface. The late Wangshi period uplift of the Ri-Qing-Wei basin was less than 1000 m because the source rock was deeper, and the reverse faults in the basin were sealed well. The uplift did little damage to the oil in the Ri-Qing-Wei basin. Above all, tectonic evolution was the main controlling factor of oil accumulation in the study area, and the layers of the Laiyang group in the Ri-Qing-Wei basin have oil and gas potential, making it a prospective target for unconventional offshore oil and gas exploration.