Laizhou Bay Sag is a typical continental rift lake basin, which is affected by strike–slip activity, salt rock activity, volcanic activity, and paleoclimate change in the Tanlu fault zone, where three major lithologies—volcanic rock, clastic rock, and evaporite—mainly develop. In order to determine the sequence correspondence between the different lithologies in the study area based on drilling, logging data, and seismic data, it is determined that the fourth member of the Shahejie Formation in the southern Laizhou Bay mainly develops three types of sequences: clastic rock type sequences, salt lake type sequences, and volcanic rock/clastic rock type sequences. Two second-order sequence boundaries (SBs3L, SBs4L) and one third-order sequence boundary (SBs4U) were identified, and the principle of three divisions of system tracts (LST, TST, HST) and sedimentary processes in different types of sequences were determined by analyzing the stacking patterns of different sequences. Compared with the previous research results, this study provides a more detailed analysis of the sequence boundary definition of different blocks and different lithologic strata, and it improves the previous general sequence stratigraphic division method. Based on the study of distinct types of sequences, a unified stratigraphic framework is established in the whole zone, and the stratum thickness distribution of the fourth member of Shahejie Formation is smaller in the southwest and larger in the northeast. The study area is generally filled with pyroclastic rocks–evaporite–clastic rocks, changing from fan delta–saline lake filling to braided river delta–freshwater lake–fan delta filling from bottom to top. A sequence stratigraphic model for the comparison of steep slope–gentle slope differences is established to provide guidance for future oil and gas field exploration and development.