The region around the Karamay-Baikouquan (Ke-Bai) overthrust belt is the richest in hydrocarbon accumulation in the Junggar Basin. Previous research has indicated that oil in the region came from the Fengcheng Formation in the Mahu Depression to the northeast of the region, but the oil distribution around the Mahu Depression is remarkably uneven. Large amounts of oil have been found in the Ke-Bai overthrust belt to the west of the depression and only some small oilfields have been discovered in the eastern margin of the depression. This uneven distribution revealed that the oil source of the Ke-Bai region might not be from the Mahu Depression. The oil type distribution and the oil migration pattern revealed in this paper showed that there may be another oil source under the Karamay overthrust. Based on geochemical data, the oil was classified into two types from the sterane and terpane characteristics. Type A oil was mainly distributed in the Huwan area and blocks V and VIII of the Karamay Oilfield in the southern part of the region, while type B oil was mainly distributed in the Baikouquan Oilfield in the northern part of the region. In addition, oil migration pathways and direction were determined by the values of diasterane / regular sterane and C₃₀ moretane / C₃₀ hopane ratios. It is shown that the oil of Huwan area on the hanging wall of the overthrust was mainly charged along the overthrust fault surfaces and then migrated to the west, whereas the oil in blocks V and VIII on the foot wall of the overthrust came from the Mahu Depression in the east. As a result, there may be at least two hydrocarbon source kitchens in the study area. The hydrocarbons in the blocks V and VIII on the footwall of the overthrust belt and in the Baikouquan Oilfield mainly came from the Fengcheng Formation in the Mahu Depression, and the hydrocarbons in the Huwan area on the hanging wall of the overthrust belt may come from another hydrocarbon source kitchen below the overthrust. This recognition indicates that there is substantial exploration potential in the deep Carboniferous strata on the hanging wall of the overthrust belt.