Based on the analysis of core, logging, and testing data, the fourth member of the Cretaceous Quantou Formation(Kq~4) in the Sanzhao depression, Songliao Basin, is investigated in order to understand the sedimentary characteristics and hydrocarbon exploration significance of a retrograding shallow-water delta. The results show that during the sedimentary period of Kq~4, the Sanzhao depression with a gentle basement experienced stable tectonic subsidence and suffered a long-term lake level rise caused by paleoclimate changes(from semiarid to semihumid), the Kq~4 in the study area were dominated by a fining-upward deltaic succession and had relatively stable thickness. From the bottom to the top, the color of mudstone gradually changes from purplish-red to gray and grayish-green, the contents of caliche nodules decrease gradually, while the presence of pyrite in sediments becomes frequent. Channel sandstones mainly composed of siltstone and fine sandstone with developed high-energy sedimentary structures constitute the main sand bodies of deltaic deposits, but the scale of channel sandstones decrease upward. Despite the long-term lake level rise and fining-upward sedimentary succession,purplish-red mudstone, caliche nodules and thin channel sandstones are still broadly distributed in the study area, and thin channel sandstones can be found at the top of Kq~4 covered by the black oil shale of Qingshankou Formation. These assertations suggest that the study area was dominated by retrograding shallow-water delta deposits during the sedimentary period of Kq~4. In comparison with modern Poyang Lake, we infer that during the sedimentary period of Kq~4, the study area experienced frequent lake level fluctuations triggered by paleoclimate changes despite the long-term lake level rise, and the lake level fluctuations control the deposition of retrograding shallow-water delta. In addition, most of the thin channel sandstones distributed at the top of Kq~4 and covered by black oil shale are generally immersed in oil, indicating that the thin channel sandstones formed at the top of a retrograding shallow-water delta sedimentary succession are favorable targets for lithological reservoir exploration.