The Late Triassic period in the Qiangtang Basin on the Tibetan Plateau saw the development of a widely distributed, thick sequence of dark gray to black mudstone and shale, exhibiting significant hydrocarbon generation potential. This study aims to elucidate the organic geochemical characteristics and hydrocarbon generation potential of this mudstone sequence.Methods:To investigate the organic geochemical properties, a comprehensive set of analyses was conducted, including total organic carbon (TOC) content, chloroform bitumen “A” extraction, Rock-Eval pyrolysis, vitrinite reflectance measurements, kerogen carbon isotope analysis, and biomarker analysis.Results:TOC values range from 0.54% to 2.32% (average 1.37%), chloroform bitumen “A” ranges from 0.0206% to 0.1821% (average 0.0786%), and hydrocarbon potential (S1+S2) varies from 0.12 to 2.21 mg/g (average 0.95 mg/g), indicating moderate to good organic matter abundance. Kerogen δ13CPDB values range from -29.8‰ to -27.3‰ (average -28.6‰), with Pr/nC17 values ranging from 0.13 to 0.49 (average 0.26) and Ph/nC18 values ranging from 0.13 to 0.38 (average 0.21); combined with maceral data, these point to predominantly Type II1-II2 kerogen. Ro values range from 1.13% to 1.57% (average 1.39%), Tmax values range from 455 to 480°C (average 462.5°C), βαC30 moretane/αβC30 hopane ratios range from 0.02 to 0.28 (average 0.16), C31 homohopane 22S/(22S+22R) ratios range from 0.51 to 0.79 (average 0.58), and Ts/Tm ratios range from 0.84 to 1.95 (average 1.34), confirming mature to highly mature stages. The n-alkane, sterane, terpane, and gammacerane parameters further suggest that the primary source of organic matter is aquatic organisms (algae, plankton), with significant input from terrestrial higher plants. The depositional water environment exhibits weakly reducing to suboxic characteristics, suggesting that the overall environment is a shallow marine shelf influenced by terrestrial input.Conclusions:Based on key parameters such as organic matter abundance, maturity, and type in the source rocks, together with insights into organic matter provenance and depositional setting, the Bagong Formation in the Maqu area of the Tibetan Plateau is evaluated as a "fair to good" source rock with substantial hydrocarbon generation potential.