A comprehensive analysis on high‐resolution seismic data and the geological characteristics of the Qiongdongnan Basin (QDNB) in the northern South China Sea reveals multiple seismic evidence indicative of hydrocarbon migration and gas hydrate accumulation, including mud diapirs, gas chimneys, bottom simulating reflectors (BSRs), acoustic blanking, enhanced reflections, V‐AMP structures, elevated stacking velocity of sediments, and seafloor expressions. Mud diapirs and gas chimneys, which are characterized by acoustic turbidity, fuzziness, and blanking reflections on seismic profiles, with a diversity of structures and scales, are widespread and concentrated in the centres of sags and the transitional zones between sags and uplifts. Five BSR regions, with a total area of approximately 11,000 km2, have been delineated in the QDNB. They have high or medium‐high continuity amplitudes with overlying acoustic blanking on seismic profiles, indicating the occurrence of gas hydrate. Distinct fluid seepage phenomena are common below the BSRs, demonstrating that abundant free gas has migrated and accumulated beneath the gas hydrate. The distribution of BSRs and the developed zones of mud diapirs and gas chimneys presents a spatial superposition feature, and the BSRs are usually located on top of or within the structural highs of the mud diapirs and gas chimneys, indicating a close relationship between them. Mud diapirs, gas chimneys, and associated faults are efficient pathways for migrating hydrocarbons, through which the mature to highly mature thermogenic gas of the Palaeogene strata and the biogenic gas of the Neogene sediments migrate to the gas hydrate stability zones and form gas hydrate. Gas hydrate samples were recovered from the gas chimney area during the remote operated vehicle (ROV) investigation in deepwater QDNB in 2015. Based on the seismic interpretation and geochemical results, we propose two models of gas hydrate accumulation in the deepwater area of the QDNB: (a) near source biogenic gas hydrate with self‐generation and self‐accumulation, and (b) distal source thermogenic gas hydrate with lower generation and upper accumulation. We believe that the areas with a fine spatial coupling configuration between the mud diapirs, gas chimneys, and BSRs are favourable exploration targets for gas hydrate in the QDNB.