The discoveries of oil and gas reservoirs in the volcanic rocks of the Songliao Basin (SB) have attracted the attention of many researchers. However, the lack of studies on the genesis of the volcanic rocks has led to different opinions being presented for the genesis of the SB. In order to solve this problem, this study selected the volcanic rocks of the Yingcheng Formation in the Southern Songliao Basin (SSB) as the research object, and determined the genesis and tectonic setting of the volcanic rocks by using LA-ICP-MS zircon U-Pb dating and a geochemical analysis method (major elements, trace elements, and Hf isotopes). The volcanic rocks of the Yingcheng Formation are mainly composed of rhyolites with minor dacites and pyroclastic rocks. Our new zircon U-Pb dating results show that these volcanic rocks were erupted in the Early Cretaceous (113–118 Ma). The primary zircons from the rhyolites have εHf (t) values of +4.70 to +12.46 and two-stage model age (TDM2) of 876–374 Ma. The geochemical data presented in this study allow these rhyolites to be divided into I-type rhyolites and A-type rhyolites, both of which were formed by the partial melting of the crust. They have SiO2 contents of 71.62 wt.%–75.76 wt.% and Al2O3 contentsof 10.88 wt.% to 12.92 wt.%. The rhyolites have distinctively higher REE contents than those of ordinary granites, with obvious negative Eu anomalies. The light to heavy REE fractionation is not obvious, and the LaN/YbN (average value = 9.78) is less than 10. The A-type rhyolites depleted in Ba, Sr, P, and Ti, with relatively low Nb/Ta, indicating that the rocks belong A2 subtype granites formed in an extensional environment. The adakitic dacites are characterized by high Sr contents (624 to 1,082 ppm), low Y contents (10.6 to 12.6 ppm), high Sr/Y and Sr/Yb ratios, and low Mg# values (14.77 to 36.46), indicating that they belong to "C" type adakites. The adakitic dacite with high Sr and low Yb were likely generated by partial melting of the lower crust under high pressure conditions at least 40 km depth. The I-type rhyolites with low Sr and high Yb, and the A-type rhyolites with very low Sr and high Yb, were formed in the middle and upper crust under low pressure conditions, respectively. In addition, the formation depths of the former were approximately 30 km, whereas those of the latter were less than 30 km. The geochemical characteristics reveal that the volcanic rocks of Yingcheng Formation were formed in an extensional environment which was related to the retreat of subducted Paleo-Pacific Plate. At the late Early Cretaceous Period, the upwelling of the asthenosphere mantle and the lithosphere delamination caused by the retreat of the subducted Paleo-Pacific Plate, had resulted in lithosheric extension in the eastern part of China. Subsequently, a large area of volcanic rocks had formed. The SB has also been confirmed to be a product of the tectonic stress field in that region.