This　study　focused　on　the　Permian　mudstones　geochemistry　in　the　Xiariha　depression,　south　Qilian　basin,　their　implications　to　sedimentary　environment,　tectonic　setting,　and　provenance　attribute.　On　the　basis　of　the　organic　and　inorganic　geochemistry,　we　discussed　the　total　organic　carbon　content,　hydrocarbon　potential,　maximum　temperature,　major　and　rare　earth　elements,　and　other　features.　The　results　showed　that:　The　Permian　mudstone　organic　has　higher　maturity,　produced　mainly　by　aquatic　and　aquatic-terrestrial　mixed　organisms,　which　live　in　the　depositional　environment　of　semienclosed,　hypoxia,　moderate　reduction　and　salinity　water　bodies.　The　P2c　kerogen　of　II2-III　type,　whose　parent　material　came　from　marine　plankton　and　microorganisms,　is　the　main　source　rock　in　the　study　area,　while　the　P3q,　which　is　the　terrestrial　materials　derived　lower　maturity　type　III　kerogen,　is　the　potentially　source　rock.　The　mudstone　tectonic　setting　originates　from　active　continental　margin　tectonic　setting,　and　the　mudstone　shows　a　great　affinity　with　felsic　rocks　in　the　upper　crust　of　the　Middle　Qilian　uplift　and　the　mixture　of　andesitic　rocks.