The South Slope District of the Mahu Depression in the Junggar Basin, a major favorable zone for middle and superficial oil–gas exploration, has experienced industrial gas flow. However, research on the sedimentary microfacies characteristics of Segment 2 of the Sangonghe Formation, the main oil-bearing formation, remains lacking. In this study, the rock type, sedimentary tectonics, and sedimentary microfacies of Segment 2 of the Jurassic Sangonghe Formation in the South Slope District of the Mahu Depression were thoroughly investigated through 3D seismic, rock core, and logging data. Moreover, the sedimentary modes and distribution characteristics of the sand bodies in the study area were further analyzed. Results showed that subfacies at the front edge of the braided river delta are developed at Segment 2 of the Sangonghe Formation, which can be further divided into four microfacies types, namely, underwater distributary channel, sheet sand, estuary dam, and interdistributary bay. The estuary dam is only developed at local positions in the work area. The vertical evolutionary laws from Segment 2 of the Sangonghe Formation to Segment 3 of the Sangonghe Formation are explicit and manifest as retrogradation from the subfacies at the front edge of the braided river delta to the prodelta. The sand bodies formed by frequent swings of the underwater distributary channels are the main reservoir bodies, and the lithology is mainly fine-grained feldspar lithic sandstone, and sedimentary tectonics have diverse forms. On the basis of deposition microphase analysis, the sand bodies’ planar distribution characteristics under phase-controlled conditions were analyzed using a seismic model inversion technology to provide theoretical guidance for oilfield expansion, exploration, and exploitation.