The sequence stratigraphy and lithologic-stratigraphic traps of the Lishu Rift were analyzed using a combination of drill core,seismic, and well log data. The depositional sequence of rifting stage in the Lishu Rift is divided into three second-order sequences (I-III) and seven third-order sequences (SQ1-SQ7). The sedimentary characteristics of each sequence are described. Based on a comprehensive study of structural characteristics,climate changes,sediment supplies,and sequence development, the results show that the slope-break belt controlled the development of sequence and the structure of system tracts. Based on structure characteristics,four types of sequences are recognized: a symmetrical type and three asymmetrical types (A1,A2,and B). For sequences of symmetrical type and asymmetrical type A1,lowstand system tracts are favorable structural-lithologic traps below the slope-break belt,transgressive system tracts are favorable lithologic and stratigraphic traps between secondary slope-break belts, and highstand system tracts are favorable stratigraphic traps.