Great quantities of light oil and gas are produced from deep buried hill reservoirs at depths of 5,641 m to 6,027 m and 190 °C to 201 °C in the Niudong-1 Well, representing the deepest and hottest commercial hydrocarbons discovered in the Bohai Bay Basin in eastern China. This discovery suggests favorable exploration prospects for the deep parts of the basin. However, the discovery raises questions regarding the genesis and accumulation of hydrocarbons in deep reservoirs. Based on the geochemical features of the hydrocarbons and characteristics of the source rocks as well as thermal simulation experiments of hydrocarbon generation, we conclude that the oil and gas were generated from the highly mature Sha-4 Member (Es4) source rocks instead of thermal cracking of crude oils in earlier accumulations. The source kitchen with abnormal pressures and karsted carbonate reservoirs control the formation of high-maturity hydrocarbon accumulations in the buried hills (i.e., Niudong-1) in conjunction with several structural–lithologic traps in the Es4 reservoirs since the deposition of the upper Minghuazhen Formation. This means the oil and gas exploration potential in the deep parts of the Baxian Depression is probably high.