(1) The ancient Paratethys Sea was a spacious inland salt-water basin, extending from the Alps, over Central Europe, to Central Asia. The southwestern part of its central area, the Croatian part of the Pannonian Basin System (CPBS), is generally known for shallow-water deposition and biota. The main purpose of this paper is to emphasize the significance of its less widespread deeper-water deposits in environmental and applied geology. (2) The authors consulted the previously published data, combined with their own results, obtained from the paleontological and sedimentological research, seismic stratigraphy and well-log analyses. (3) During our research in the CPBS, we noticed the connection between the tectonic structures and deep marine canyons and depressions within the Paratethyan shallows. Such structures can be recognized on well-logs and seismic or surface outcrops. They are situated along the faults, and deposits are characterized by the domination of pelagic over the benthic biota, sometimes with visible selective dissolution of aragonite/calcite tests. (4) Studied sedimentary sequences from these structures proved to be a precious source of data on the transgressive-regressive cycles, ancient migrations, modes of deposition and hydrocarbon formation during the Miocene Epoch in the CPBS.