Dolomitization is a critical diagenetic alteration that impacts the formation of carbonate hydrocarbon reservoirs. In the offshore Bohai Bay Basin, the Lower Paleozoic carbonate reservoirs in buried hill traps, and the basement highs unconformably overlain by younger rock units, are emerging as a prospective target and predominantly occur in dolomite layers. Meanwhile, the formation mechanisms of the dolomite are not clear, which affects the understanding of the occurrence of deep dolomite reservoirs and hinders oil and gas exploration. Based on comprehensive observations of the thin sections of the carbonate samples, the dolomite types were meticulously categorized into micritic dolostone, fine-crystalline dolostone, and saddle dolomite. Then, carbon, oxygen, and strontium isotope and trace elements were examined to elucidate the dolomitization fluids and propose diagenetic models for the three kinds of dolomite formation. The mineralogical and geochemical evidence reveals that there were two kinds of dolomitization fluids, including penecontemporaneous seawater, and hydrothermal fluid. The diagenetic fluid of the micritic dolostone and fine-crystalline dolostone both involved penecontemporaneous seawater, but fine-crystalline dolostone is also affected by later burial dolomitization processes. The saddle dolomite, filling in pre-existing fractures or dissolution pore cavities, is attributed to a hydrothermal fluid associated with magmatic activities. Notably, the extensive layered fine-crystalline dolostone was the predominant reservoir rock. The initial mechanism for its formation involves penecontemporaneous seepage reflux dolomitization, which is superimposed by later burial dolomitization. The burial dolomitization enhanced porosity, subsequently facilitating the formation of a fracture-related dissolution pore cavity system, and partly filled by saddle dolomite during the Cenozoic hydrothermal events. The findings highlight that the layered fine-crystalline dolostone that underwent multiphase dolomitization is the most potential target for hydrocarbon exploration.