Qiongdongnan basin has experienced chasmic and depression stages, which can be further divided into 5 substages. Correspondingly, there can be 2 mega sequences (TA, TB), 5 super sequences and 19 sequences. Lowstand system tracts have been developed in every evolutionary stage and are characterized by their multistage and multiplicity. The sedimentary systems of lowstand system tracts include basin floor fan, slope fan, progradational wedge, delta, fan delta, alluvial fan, submarine valley and incised valley. These sedimentary systems are characterized by their time space combination, and can be categorized into isolated type, fault controlled suspension type and coexisting type. Sedimentary systems during chasmic stage are mainly of isolated type, fault controlled suspension type; while those during depression stage are mainly of coexisting type. These lowstand sediments are favorable for the development of source reservoir cap rock combinations, hence there can be various composite traps, such as lithologic, stratigraphic lithologic and structural lithologic traps, which would have large exploration and development potentials.