Using analyses of the lithology, sequences, paleoenvironment, and tectonic setting, the depositional system of the Carboniferous Huanglong Formation in the eastern Sichuan Basin was identified. The lithological characteristics of the Lower Member, Middle Member, and Upper Member were analyzed and classified. Before the use of carbon, oxygen, and strontium isotopes in the analysis, all of the geochemical data were tested for validity. On the basis of the Z values obtained from carbon and oxygen isotopes, the paleoenvironments of the three members were elucidated. Lower Member was dominantly an enclosed marine environment with intense evaporation and little freshwater input into the sea. Middle Member developed in a semi-enclosed to normal marine environment with many rivers. Upper Member was formed in a normal marine environment. The east Sichuan Basin was enclosed by paleouplifts before the deposition of the Huanglong Formation, forming a relatively enclosed depositional setting. Paleogullies developed in the Silurian strata that underlie the Carboniferous rocks; these paleogullies can be identified. On the basis of a comprehensive analysis, we propose that the Huanglong Formation developed in a platform system. Four microfacies were identified: supratidal flat, dolostone flat, grain shoal, and shelf microfacies. The high-permeability and high-porosity characteristics of the grain shoal microfacies are favorable for hydrocarbon accumulation, while the supratidal flat and shelf microfacies developed very few high-quality reservoirs. The paleogullies, in which increased amounts of grain shoal microfacies developed, controlled the distribution of high-quality reservoirs.