The Precaspian Basin, recognized as one of the world’s most bountiful repositories of oil and gas, represents a pivotal collaboration zone between China and Kazakhstan in their joint pursuit of hydrocarbon resources. Within this basin, an overwhelming majority approximately 90% of the established oil and gas reserves are nestled in the profound subsalt geological layers. However, exploiting these riches comes with a host of challenges, including the daunting depth of the deposits, the intricacy involved in discerning subsalt structures beneath massive salt domes, the pervasive impact of late Paleozoic foreland orogenic processes along the basin’s edges, significant disparities in sedimentary systems shaped by varying ancient geographic environments both internally and externally to the basin, the complex task of forecasting carbonate platforms and reef bodies, and the yet-to-be fully elucidated main drivers behind hydrocarbon accumulation. Drawing upon a wealth of existing seismic data, borehole records, and the fruits of extensive research efforts, this paper methodically examines and synthesizes the defining characteristics of the Precaspian Basin’s five primary tectono-sedimentary evolution phases. It advances a novel proposition that identifies four cardinal governing factors pertinent to subsalt deep petroleum reservoirs, emphasizing that long-term, inheritance-based uplifted carbonate platforms act as advantageous conduits and traps for migrating and accumulating hydrocarbons. Additionally, it underscores the pivotal function played by the Permian salt-bearing rock formations and associated mudstone sealing layers in ultimately confining these hydrocarbons. In a forward-looking perspective, this scholarly work further predicts and delineates five distinct categories of potential exploration targets and trajectories for the deeper realms of the Precaspian Basin. This strategic foresight provides a robust foundational groundwork for the impending planning and deployment of exploratory endeavors within the Precaspian Basin’s untapped depths.