Complex superimposed basins exhibit multi-stage tectonic events and multi-stage reservoir formation; hydrocarbon reservoirs formed in the early stage have generally late-stage genesis characteristics after undergoing adjustment, reconstruction and destruction of later-stage multiple tectonic events. In this paper, this phenomenon is called the late-stage reservoir formation effect. The late-stage reservoir formation effect is a basic feature of oil and gas-forming reservoirs in complex superimposed basins, revealing not only multi-stage character, relevance and complexity of oil and gas-forming reservoirs in superimposed basins but also the importance of late-stage reservoir formation. Late-stage reservoir formation is not a basic feature of oil and gas forming reservoir in superimposed basins. Multi-stage reservoir formation only characterizes one aspect of oil and gas-forming reservoir in superimposed basins and does not represent fully the complexity of oil and gas-forming reservoir in superimposed basins. We suggest using “late-stage reservoir formation effect” to replace the “late-stage reservoir formation” concept to guide the exploration of complex reservoirs in superimposed basins. Under current geologic conditions, the late-stage reservoir formation effect is represented mainly by four basic forms: phase transformation, scale reconstruction, component variation and trap adjustment. The late-stage reservoir formation effect is produced by two kinds of geologic processes: first, the oil and gas retention function of various geologic thresholds (hydrocarbon expulsion threshold, hydrocarbon migration threshold, and hydrocarbon accumulating threshold) causes the actual time of oil and gas reservoir formation to be later than the time of generation of large amounts of hydrocarbon in a conventional sense, producing the late-stage reservoir formation effect; second, multiple types of tectonic events (continuously strong reconstruction, early-stage strong reconstruction, middle-stage strong reconstruction, late-stage strong reconstruction and long-term stable sedimentation) after oil and gas reservoir formation lead to adjustment, reconstruction and destruction of reservoirs formed earlier, and form new secondary hydrocarbon reservoirs due to the late-stage reservoir formation effect.