Diagenetic traps in conglomerate in nearshore subaqueous fans in the steep slope zones of rift basins have been important exploration targets for subtle reservoirs in eastern China. However, the mechanism of how those traps were formed is not clear, which inhibits further exploration for this type of reservoir. In order to solve the problem, we take as an example nearshore subaqueous fans in the upper part of the fourth member of the Shahejie Formation (Es4s) on the north slope of the Minfeng Subsag in the Dongying Sag. Combining different research methods, such as core observation, thin section examination, scanning electron microscope (SEM) observation, fluid-inclusion analysis, carbon and oxygen isotope analysis of carbonate cements, and analysis of core properties, we studied the genetic mechanisms of diagenetic traps on the basis of diagenetic environment evolution and diagenetic evolution sequence in different sub/micro-facies. Conglomerate in Es4s in the north Minfeng Subsag experienced several periods of transition between alkaline and acidic environments as “alkaline–acidic–alkaline–acidic–weak alkaline”. As a result, dissolution and cementation are also very complex, and the sequence is “early pyrite cementation / siderite cementation / gypsum cementation / calcite and dolomite cementation——feldspar dissolution / quartz overgrowth——quartz dissolution / ferroan calcite cementation / ankerite cementation / lime-mud matrix recrystallization / feldspar overgrowth——carbonate dissolution / feldspar dissolution / quartz overgrowth / pyrite cementation”. The difference in sedimentary characteristics between different sub/micro-facies of nearshore subaqueous fans controls diagenetic characteristics. Inner fan conglomerates mainly experienced compaction and lime-mud matrix recrystallization, with weak dissolution, which led to a reduction in the porosity and permeability crucial to reservoir formation. Lime-mud matrix recrystallization results in a rapid decrease in porosity and permeability in inner fan conglomerates in middle-to-deep layers. Because acid dissolution reworks reservoirs and hydrocarbon filling inhibits cementation, reservoirs far from mudstone layers in middle fan braided channels develop a great number of primary pores and secondary pores, and are good enough to be effective reservoirs of hydrocarbon. With the increase of burial depth, both the decrease of porosity and permeability of inner fan conglomerates and the increase of the physical property difference between inner fans and middle fans enhance the quality of seals in middle-to-deep layers. As a result, inner fan conglomerates can be sealing layers in middle-to-deep buried layers. Reservoirs adjacent to mudstones in middle fan braided channels and reservoirs in middle fan interdistributaries experienced extensive cementation, and tight cemented crusts formed at both the top and bottom of conglomerates, which can then act as cap rocks. In conclusion, diagenetic traps in conglomerates of nearshore subaqueous fans could be developed with inner fan conglomerates as lateral or vertical sealing layers, tight carbonate crusts near mudstone layers in middle fan braided channels as well as lacustrine mudstones as cap rocks, and conglomerates far from mudstone layers in middle fan braided channels as reservoirs. Lime-mud matrix recrystallization of inner fan conglomerates and carbonate cementation of conglomerates adjacent to mudstone layers in middle fan braided channels took place from 32 Ma B.P. to 24.6 Ma B.P., thus the formation of diagenetic traps was from 32 Ma B.P. to 24.6 Ma B.P. and diagenetic traps have a better hydrocarbon sealing ability from 24 Ma B.P.. The sealing ability of inner fans gradually increases with the increase of burial depth and diagenetic traps buried more than 3,200 m have better seals.