In recent years, there have been a great many significant exploration breakthroughs in oil fields of the Junggar Basin. Results of the last resource evaluation for oil and gas are increasingly contradictory with the exploration practice and reserves in the basin. The potential of oil resources in conventional and unconventional fields is urgently need to be evaluated. On the basis of analysis of the oil reservoir-forming conditions and its controlling factors, summarization of the oil accumulation patterns and enrichment rules of different areas and strata, this paper optimizes evaluation parameters and methods, and re-evaluates the oil resource potential and points out the favorable exploration direction of Junggar Basin. The evaluation results show that the amounts of conventional and unconventional oil resources in the basin are approximately 100×108 t, the comprehensive proven rate is about 27,. The amounts of remaining resources to be proved are nearly 55×108 t, mainly are distributed in the Permian-Triassic system in the slope area of hydrocarbon-rich sag, the deep part of the basin and the uplift structures with low exploration degree around the sag. In the future, we should focus on these three fields of the basin, strive to expand the exploration areas of shale oil and other resources with high potential and low exploration degree.