As revealed from recent drilling and organic geochemical testing and research, a series of lacustrine high-grade hydrocarbon source rocks was discovered in the upper section of the Chang 9 oil reservoir member of upper Triassic in Ordos Basin. The hydrocarbon source rocks show average TOC content as high as 5.03%, average bitumen “A” content as high as 0.8603%, and good quality organic precursors, which are of the sapropelic type mainly derived from lower aquatic plants and have reached the thermal evolution stage featured by oil-producing climax. Generally the lacustrine high-grade hydrocarbon source rocks were developed in local depressions of a lake basin, and the Chang 9₁ member was particularly formed in a depositional environment characterized by fresh water to weakly saline water, weakly oxidizing to weakly reducing setting and semi-deep lake facies, as was demonstrated by a variety of organic to inorganic geochemical parameters. As a result, high productivity constitutes the principal controlling force for generation of this series of high-grade hydrocarbon source rocks. Deposition of thinly-bedded and laminated tuffs as well as positive Eu anomaly corroborate the possible occurrence of anoxic geological event closely related to contemporaneous volcanic eruption, which would play a key part in development of the Chang 9₁ member of high-grade hydrocarbon source rocks.