The Qiangtang Basin in northern Xizang(Tibet), as the Middle East Oil and Gas Provinces belongs to the Tethys tectonic domain, is the largest marine facies petroliferous new region for exploration in China. During the past two decades, geologists in China have carried out systemic oil and gas geological survey and research under extremely difficult working conditions in the northern Xizang(Tibet) Plateau, completing oil- and- gas- bearing basin analysis, resource potential evaluation, strategic prediction of the potential blocks, demonstrations on target locations and implementation of Qiangtang Scientific Drilling Project (QK- 1 well), resulting in a series of new discoveries and insights, and proposed that the Qiangtang Basin is the most promising new oil and gas exploration region in China. However, there are still different opinions on the above- mentioned viewpoints, there are two completely different understandings of “good” and “bad” especially regarding the oil and gas preservation conditions and the hydrocarbon generation potential of the basin. This article is based on the latest data obtained from the recently completed Qiangtang Scientific Drilling Project (QK- 1 well) and its supporting geological survey, combined with the results of the recent 20 years of oil and gas geological survey in the Qiangtang Basin, focused on the two key scientific issues of sources rock and preservation conditions, given a brief introduction to the oil and gas geological conditions of the Qiangtang Basin, try to objectively and accurately review the oil and gas preservation conditions of the Qiangtang Basin, analyze the hydrocarbon generation potential and oil and gas prospects of the basin, and put forward suggestions for next oil and gas exploration, and so as to advance the future oil and gas exploration work in the Qiangtang Basin and achieve a major breakthrough in the oil and gas exploration of the basin as soon as possible.