Abstract: As the biggest oilfield discovered offshore China so far,the Penglai 19-3 oilfield has aroused constant debates on oil sources and characteristics of massivescale hydrocarbon accumulation in the late stage.From this study,we have brought up with three new understandings.First,oil in the Penglai 19-3 oilfield mainly originates from the source rocks in the Shahejie Formation and partially from source rocks in the Dongying Formation (in the Bozhong sag).Hydrocarbons charged reservoirs from two apparent directions,i.e.,the NW direction (from the Bozhong sag) and the SE direction (from the Miaoxi sag).The favorable factors for the development of the Penglai 19-3 oilfield are extremely abundant oil source in the Bozhong sag,longexisting lowpotential energy area and the energy release from the TanLu Fault as well as favorable carrier system dominated by unconformities.Third,The significant differences of interwell temperature,change patterns of oil density,viscosity and gases and largescale existence of “gas chimney” rooted in ocean floor reveal that this oilfield is obviously characterized by abundant hydrocarbon sources and late hydrocarbon accumulation.Oil charging is still intensive in the northern part of the field at present.All leads to the conclusion that the Penglai 19- oilfield is a typical massivescale,rapid hydrocarbon accumulation in the late stage in Bohai Sea. Key words: biomarker compounds,TanLu Fault,gas chimney,Neogene oil pool,hydrocarbon accumulation in the late stage,Penglai 19-3 oilfield,Bohai Sea New understandings of hydrocarbon accumulation in Penglai 19-3 oilfield,the Bohai waters Guo Yonghua,Zhou Xinhuai,Ling Yanxi,Li Jianping,Wang Feilong and Wang Jun (Exploration & Production Research Institute,Bohai Oilfield,CNOOC Tianjin Company,Tianjin 300452,China) Abstract: As the biggest oilfield discovered offshore China so far,the Penglai 19-3 oilfield has aroused constant debates on oil sources and characteristics of massivescale hydrocarbon accumulation in the late stage.From this study,we have brought up with three new understandings.First,oil in the Penglai 193 oilfield mainly originates from the source rocks in the Shahejie Formation and partially from source rocks in the Dongying Formation (in the Bozhong sag).Hydrocarbons charged reservoirs from two apparent directions,i.e.,the NW direction (from the Bozhong sag) and the SE direction (from the Miaoxi sag).The favorable factors for the development of the Penglai 19-3 oilfield are extremely abundant oil source in the Bozhong sag,longexisting lowpotential energy area and the energy release from the TanLu Fault as well as favorable carrier system dominated by unconformities.Third,The significant differences of interwell temperature,change patterns of oil density,viscosity and gases and largescale existence of “gas chimney” rooted in ocean floor reveal that this oilfield is obviously characterized by abundant hydrocarbon sources and late hydrocarbon accumulation.Oil charging is still intensive in the northern part of the field at present.All leads to the conclusion that the Penglai 19-3 oilfield is a typical massivescale,rapid hydrocarbon accumulation in the late stage in Bohai Sea.