Basic characteristics of Ordovician carbonate reservoir beds in the Lungudong region of northeastern part of the Tarim Basin are described in detail and the reservoir-forming conditions of oil and gas are preliminarily discussed in this paper by collecting and sorting out a large amount of data. The carbonate reservoir beds are mainly developed in open-platform and platform marginal facies; the reservoir beds have large changes in and low average values of physical property; the main type is fractured reservoir beds with the fracture-porous type second. The reservoir bed development is chiefly controlled by the distribution of sedimentary facies, tectonic activity and karstification. Whereas the accumulation and distribution of hydrocarbons in the region are controlled by an advantageous structural location, a good reservoir-caprock combination and a favorable transporting system, with the distribution characterized by zones horizontally and belts vertically, the oil and gas are mainly concentrated in areas with structural uplift, densely developed fractures, and surface karst, a vertical vadose zone, and a horizontal undercurrent belt of palaeokarst.