On the basis of exhaustive researches on the facies sequences and depositlonal evolutionary process of various depositional systems, the genetic stratigraphic framework of the extensional rifted oceanic basin, which has undergone strong structural destruction, has been reconstructed by means of dynamic genetic stratigraphic analysis. Five depositional episodes have been distinguished from various isochronous stratigraphic boundaries and stratigraphic sequences with the three-dimensional structure of each depositional episode analysed in detail. The tectonic paleogeographic environment corresponding to different stages of each depositional episode has been reconstructed for individual depositional system tracts. And the evolution history of this rifted basin has been divided into four stages' initial rifting and oceanization of continental crust, stretching and spreading of the basin, subduction and basin differentiation, and convergence and collision. A NNE-trending intracontinental soft collision suture was left after the closing of the basin.