Abstract: Pinghu Formation reservoirs, the most important ones in Pingbei area of the Xihu depression, can not be predicted precisely by using conventional methods due to absence of corresponding data, which has restricted hydrocarbon exploration and development in the study area.The authors applied seismic multi-attributes technique and combined with data of well logs, core, lithology and regional geology to interpret the lithofacies of Pinghu Formation in the Pingbei area, and also favorable area for hydrocarbon exploration has been predicted in this paper. The results show that two sedimentary facies (tidal flat and delta) influenced by tide are developed in the Pinghu Formation, and reservoir in the delta is better because of its flaky sandbody distribution. The southwestern part of the study area with delta-front facies is the favorable target for hydrocarbon exploration.