The sedimentary facies, architecture, and depositional mechanism of deltaic systems have been one of the global research hotspots in recent decades; however, the detailed distribution, sedimentary evolution, source rock potential, and major control factors of the coal-bearing shallow-water delta are still unclear. A typical shallow-water braided delta with coal-bearing source rocks developed in the Middle–Late Triassic Mungaroo Formation of the North Carnarvon Basin, which can be a good study area for an analysis of coal-bearing source rocks. In this study, the sedimentary facies, distribution and evolution, and coal-bearing source rock features of the Triassic strata were analyzed based on the integrated study of wireline logs, drilled cores, thin sections, seismic facies and attributes, and geochemical data. A range of shallow-water delta sedimentary facies was identified, including the proximal delta plain channel/interdistributary bay, distal delta plain channel/interdistributary bay, and the delta front. The coal-bearing shallow-water delta system of the Middle–Late Triassic Mungaroo Formation was characterized by the largest scale delta system with relatively broad proximal and distal delta plains and relatively narrow delta front subfacies. The scale of the delta system showed a trend of increasing from the Early Triassic Locker Shale to the Middle–Late Triassic Mungaroo Formation and then decreasing to the Late Triassic Brigadier Formation. The distal delta plain subfacies of the Mungaroo Formation should have the highest potential coal-bearing source rock, and the proximal delta plain also can be a favorable target for source rock evaluation. The major control factors of the coal-bearing source rocks of the Mungaroo shallow-water delta mainly included the Triassic megamonsoon climate, the topographic features, eustatic changes, and provenance supply. The proximal and distal delta plains of the shallow-water delta system with thin coal seams, carbonaceous mudstone, and dark mudstone lithologies’ association could be a favorable source rock exploration facies for the next stage of natural gas field exploration.