Abstract: The black shale of the Mesoproterozoic Cuizhuang Formation in the Changcheng System in Yongji city, North China Craton, is a potential source rock. Understanding the organic matter enrichment mechanism is crucial for evaluating source rock resources and understanding oil and gas accumulation mechanisms. In this study, we evaluated the sedimentary paleoenvironment and organic matter enrichment mechanisms of shale using thin section observations, mineral composition analysis, organic geochemistry, and elemental geochemistry. We found significant differences in the sedimentary paleoenvironment and organic matter enrichment mechanisms between the lower Cuizhuang Formation and the Beidajian Formation shale. The Cuizhuang Formation was deposited in a late-stage, restricted basin environment during the rift phase, and elemental and geochemical indicators showed that the Cuizhuang Formation was in a suboxic–anoxic water environment, that was influenced by a warm and humid paleoclimate and submarine hydrothermal activities, which promoted the accumulation of organic matter. However, the enrichment of organic matter in the Cuizhuang Formation was mainly controlled by redox conditions. The formation of suboxic-anoxic water environments may be closely related to the warm and humid paleoclimate and submarine hydrothermal activities. Warm conditions promote continental weathering and increase marine productivity, thereby consuming oxygen in the bottom water. Moreover, acidic hydrothermal activity also helps to establish an anoxic environment. Our results reveal the effects controlling various coupled mechanisms dominated by redox conditions, which may explain the development of source rocks in the Cuizhuang Formation.