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Hulun Lake is located in Northeast China and is a well‐exposed modern lacustrine rift basin. In this study, recent fieldwork has demonstrated that it was mainly filled by alluvial fan and fan delta deposits along the western escarpment, which were controlled by the Eerguna Fault Zones. However, it was filled by river‐deltaic and eolian deposits along the eastern slope. The distributions of the depositional systems were found to be controlled by their positions within the basin. The western escarpment was determined to have influenced the distributions of the alluvial fan and fan delta deposits. In contrast, the river‐deltaic and eolian deposits were controlled by the sediment supply, paleogeomorphology, and wind forces. The asymmetric geometry of the basin was determined to have resulted in different facies associations. First, a region of maximum sediment thickness and high‐gradient escarpment was found to be located near a normal fault foot (Eerguna Fault). Second, a region of a shallower and low‐gradient slope was located near the margin of a river‐lake transition. The depositional characteristics obtained from the prospecting trench indicated that the coarse deposits on the western side were mainly derived from unexpected flooding, gravity, and episodic flooding in an ascending order. In contrast, the fine deposits on the eastern side were mainly sourced from a meandering river. A clear understanding of controlling factors on facies associations can potentially reveal the sedimentary process and evolution of the depositional systems, as well as provide an important methodology for the prediction of facies in other sedimentary basins with similar characteristics.