The Cretaceous is one of the most important stratigraphic intervals for hydrocarbon source rocks. This article summarizes the distribution, formation, and development characteristics of Cretaceous source rocks and associated oil and gas resources in the world and China, aiming at improving the understanding of this hydrocarbon enrichment and at broadening domestic exploration. Outside China, these rocks are generally formed in marine or transgressive environments during both the Upper and Lower Cretaceous. The majority of Cretaceous source rocks are located in the Persian Gulf, Mediterranean, and Gulf Coast of the USA. Kerogen types within these source rocks have distinct spatial distribution characteristics, with high-latitude Boreal Realm, Tethyan Realm and South Gondwana Realm source rocks containing type III, II, II-III kerogens, respectively. Cretaceous source rocks in China can be mainly divided into four zones: Eastern, Central, Northwest, and Qinghai–Tibet Plateau zones. The majority of Chinese source rocks formed in the Early Cretaceous, whereas the most productive source rocks are developed in the Upper Cretaceous, such as those within the Songliao Basin. Most of these basins are formed in lacustrine environments, although some may have been influenced by transgressive events. Cretaceous source rocks are formed in four distinctive ways: 1) during Oceanic Anoxic Events and associated global sea-level rises, 2) in Black Sea–type retention basins, 3) during transgression and 4) during periods of significant terrestrial input. Formation of these source rocks is controlled by four factors: paleoclimate, paleotopography, transgression, and Oceanic Anoxic Events. These four major controlling factors indicate that China’s hydrocarbon exploration within the Cretaceous should focus on two key areas with extremely low exploration levels, the Qinghai–Tibet Plateau and the southeastern coast of China.