The geological storage of carbon dioxide (CO2) in offshore saline aquifers stands as a primary option for reducing CO2 emissions in coastal regions. China’s coastal regions, particularly Shandong and Jiangsu provinces, face significant challenges in CO2 reduction. Therefore, evaluating the feasibility of CO2 geological storage in the adjacent seas is critical. To assess the suitability of a CO2 storage site, understanding its structural and reservoir characteristics is essential to mitigate injection and storage risks. In this study, we analyzed the structural characteristics and potential traps of the Yantai Depression in the South Yellow Sea Basin based on seismic data interpretation. We further conducted well logging analysis and post-stack seismic inversion to obtain lithological data, including acoustic impedance and sandstone content percentages from the Cenozoic Funing Formation, Dainan–Sanduo Formation, and Yancheng Formation. Our findings highlight that the Yantai Depression in the South Yellow Sea Basin exhibits diverse structural traps and favorable reservoir–caprock combinations, suggesting promising geological conditions for CO2 storage. This area emerges as a suitable candidate for implementing CO2 geological storage initiatives.