The Hefei Basin is the largest basin in the North China landmass with complete and well-preserved Mesozoic and Cenozoic strata. In the basin there developed a suite of extremely thick “red beds” in the Mesozoic. Owing to complex evolution processes and a lack of paleontological traces, there have been controversies regarding the division and correlation of this suite of red beds. Based on results obtained in recent years in drilling, seismic and surface geological investigations and in consideration of relationships between seismic sequences and regional tectonic events, as well as evidence in paleontology, petrology and isotopic dating, this paper preliminarily puts forward the following ideas about the sequence stratigraphic framework of the continental “red beds” in the Hefei Basin. (1) The Zhougongshan Formation and the Yuantongshan Formation have similar lithologic, geophysical and paleontological characteristics, so we incorporate them into a single formation, called the Yuantongshan Formation, and the original Zhougongshan and Yuantongshan Formations are regarded as the upper and the lower parts of the newly defined Yuantongshan Formation. Its age is the Middle Jurassic; (2) the Zhuxiang Formation belongs to the Upper Jurassic Series and (3) the age of the Xiangdaopu Formation is the Lower Cretaceous. Furthermore, signatures of depositional evolution are analyzed in the paper based on features of seismic reflection, outcrops and drilling data. The Early and Middle Jurassic is characterized by a foreland basin, which is influenced mainly by uplift and longitudinal compression of the Dabieshan Mountains; the Lower Jurassic System has a relatively small depositional area; the Middle Jurassic strata are distributed extensively over the whole basin, marking the summit of basin development; a flexure basin is characteristic of the Late Jurassic, manifesting a joint effect of the Dabieshan and Zhangbaling Mountains with the former being more significant. In the Early Cretaceous, the Xiangdaopu Formation was distributed in the Daqiao depression, evidently affected by extension of the Tanlu fault; in the Late Cretaceous, the Hefei Basin was subjected to dismembering and the Zhangqiao Formation was distributed in the east-west direction along the downthrown side of the fault.