On the basis of collecting the data of typical hydrothermal sedimentary outcrops of the Cambrian Qiongzhusi Formation in the northern Yunnan and Guizhou, the development characteristics of source rocks in the study area were deeply explored through pyrolysis, TOC, saturated hydrocarbon chromatography-mass spectrometry, trace elements and rare earth elements and other experimental analysis, and the biomarker assemblages of modern marine hydrothermal organisms and sediments were compared with unique biomarker distribution characteristics of the Cambrian source rocks and generated crude oil in Sichuan Basin and Tarim Basin. The results show that: (1) Hydrothermal deposition are developed during the sedimentary period of Qiongzhusi Formation in northern Yunnan and Guizhou, and the rich nutrients and strong reduction conditions in the hot water environment are conducive to the prosperity of organisms and the preservation of sedimentary organic matter, which is conducive to the formation of high-quality source rocks. (2) Shale source rocks of continental shelf are widely developed in the Qiongzhusi Formation in the north of Yunnan and Guizhou, and the development of high-quality source rocks is mostly related to hydrothermal deposition. The formation and preservation conditions of source rocks in hot deep water environment are better. The organic matter abundance of hot shallow water shelf source rocks is high, TOC is between 2， and 5，, the abundance of organic matter in hot deep water shelf source rocks is higher, and TOC is between 5， and 10， or more than 10，. (3) The thermal evolution of the source rock of Qiongzhusi Formation in the north of Yunnan and Guizhou is high, and it is in the over-mature evolution stage, with good shale gas resource potential. The total amount of shale gas resources of South Sichuan Low-Steep Fold Belt and Weixin Depression in southern Sichuan is 6 589.5×108 m3, indicating they are potential shale gas exploration zones. (4) Hydrothermal sedimentary source rocks are widespread in the Cambrian in Sichuan, Tarim and other basins. Besides the continental shelf, the deep-sea basin also has the material basis and preservation conditions for source rocks, and may also develop high-quality source rocks.