Abstract: During the early Miocene, there occurred two types of sedimentary facies zones intersecting each other in the eastern part of the deep-water area of the Baiyun depression:one is the deep-water gravity flow channel sandstone deposits in the ancestral Zhujiang delta source system, and the other is the carbonate rock canyon channel deposits in the Dongsha uplift platform organic reef source system. The integration of sequence stratigraphic, sedimentological and structural analysis has disclosed that beneath the 21.0 Ma shelf break in the eastern part of the deep-water area of the Baiyun depression, the excellent banded gravity flow channel sandstones developed in the early lowstand systems tract may contribute to important oil and gas reservoirs of the lithologic traps. The giant canyon channels filled by carbonate rocks and mustones in the later transgressive systems tract dissected the lower gravity flow channel sandstones developed in the early lowstand systems tract, and constituted the gravity flow channel lithologic traps which appear as commercial oil and gas reservoirs as proved by the well data in the study area.