Objectives: At the turn of the Cretaceous and the Paleogene, major events represented by the extinction of dinosaur clusters and the rise of mammal happened across the globally, and the Cretaceous—Paleogene boundary is research hotspot. Even though important progress has been made in KPB research in recent years, but many important problems in the nonmarine strata has not been solved, so it is necessary to establish a nonmarine Cretaceous—Paleogene boundary (KPB) stratotype. Methods: On the basis of the field work and the research of predecessors, biostratigraphic and magnetic stratigraphic studies were carried out on the Drill PYZK01 in the Pingyi Basin, Shandong Province, a scientific drill. Results: We obtained a rich fossil of paleontology, and according to its distribution characteristics, established one charophyte assemblage: Porochara anluensis—Chara yuntaishanensis var. acuta—Turbochara specialis, one sporopollen assemblage: Deltoidospora adriensis—Rugubivesiculites—Schizaeoisporites. Through the research on the magnetostratigraphy, 8 positive polarity zones and 7 reversed polarity zones are established, and the magnetic polarity sequences of the borehole is built. Conclusions: From the biostratigraphic study of the Drill PYZK01, we consider that the stratigraphic age from 0 to 12.25 m is Paleogene, the stratigraphic age from 37.8 m to 60 m is the latest stage of Late Cretaceous; and the stratigraphic age from 12.25 m to 37.8 m is the transition from Late Cretaceous to Paleogene, the Cretaceous—Paleogene boundary should exist in this part. Based on the magnetostratigraphic study, we proposed a comparison plan with the latest Geomagnetic Polarity Time Scale. At the same time, it is preliminarily suggested that the Cretaceous—Paleogene boundary should be located at 31.98 m of the first member of the Bianqiao Formation in the core.