Deep and ultra-deep oil and gas resources, characterized by vast potential but low proven rates, become a key target of exploration and development in China presently. However, evaluating their resource potential still faces a series of scientific and technological challenges, such as high thermal evolution degree of source rocks, strong diagenetic modification of reservoirs, multi-stage adjustment, transformation and effective preservation of oil and gas reservoirs. Recently, new breakthroughs have been made in ultra-deep exploration in the Yuanba Area, with the discovery of natural gas reservoirs in the fourth section of the Dengying Formation at a depth of nearly 9000 meters, revealing promising exploration prospects for ultra-deep layers in the northern Sichuan Basin. Based primarily on the latest drilling data of YS1 well, combined with peripheral drilling, outcrop and analysis testing data, this study systematically investigates the key control elements of source rocks, reservoirs and oil and gas accumulation processes in the Dengying gas reservoir in the study area, aiming to provide reference for the exploration and evaluation of ultra-deep oil and gas reservoirs. The results show that: (1) The YS1 gas reservoirs of the fourth member of the Dengying Formation were derived from the Cambrian Qiongzhusi Formation source rocks. These source rocks entered a low maturity stage during the Silurian, then reached a medium high maturity stage for the main oil generation and early cracking during the Late Permian-Triassic, and reached a high over maturity stage for main cracking gas generation during the Middle Jurassic-Early Cretaceous. (2) The YS1 gas reservoirs are consist of the microbial dolomites deposited on the platform margin, which have undergone long-term compaction, pressure solution, and deep burial cementation, resulting in currently low porosity and low permeability characteristics. (3) In northern Sichuan Basin, the platform marginal mound-shoal reservoirs are adjacent to the high-quality deep-water facies source rocks of the Qiongzhusi Formation, and has favorable source and reservoir configuration conditions of “source generation in slope facies with reservoir accumulation in margin facies” and “upper source feeding lower reservoir “, which provides the material basis for paleo-oil reservoir formation. (4) The gas reservoir in Member 4 of the Dengying Formation underwent multistage modifications. During the paleo-oil stage, located on the central Sichuan paleo-uplift slope, it formed large-scale lithologic paleo-oil reservoirs sealed by tight inter-shoal layers. During oil-gas conversion and gas reservoir stages, influenced by the Micang Mountain uplift, subtle structural highs developed on the Micang uplift slope, forming structure-lithology composite paleo-gas reservoirs. In the late stage, the Himalayan compression caused basin-margin uplift, adjusting the paleo-gas reservoir to form current reservoirs, with YS1 well in the favorable overlap zone. Exploration should target large paleo-oil reservoirs, identify key-period paleo-structures, and focus on areas combining effective preservation with paleo-present structural overlap as preferential enrichment zones.