The present work is devoted to geochemical studies of the Bazhenov Formation in the north of the West Siberian Petroleum Basin. The object is the Upper Jurassic–Lower Cretaceous section, characterized by significant variations in total organic carbon content and petroleum generation potential of organic matter at the beginning of the oil window. The manuscript presents the integration of isotopic and geochemical analyses aimed at the evaluation of the genesis of the rocks in the peripheral part of the Bazhenov Sea and reconstruction of paleoenvironments that controlled the accumulation of organic matter in sediments, its composition and diagenetic alterations. According to the obtained data, the sediments were accumulated under marine conditions with a generally moderate and periodically increasing terrigenous influx. The variations in organic matter composition are determined by redox conditions and terrigenous input which correlate with the eustatic sea level changes during transgressive/regressive cycles and activation of currents. Transgression is associated with an intensive accumulation of organic matter under anoxic to euxinic conditions and insignificant influence of terrigenous sources, resulting in the formation of rocks with oil-generating properties. During the regression periods, the terrigenous sedimentation increased along with the dissolved oxygen concentration, and deposits with low organic matter content and gas-generating properties were formed.