Organic matter-rich fine-grained sedimentary rocks of the Permian Lucaogou Formation in the eastern part of the Junggar Basin are selected for the study, focusing on the petrological and mineralogical characteristics of the fine-grained components, and analyzing the sedimentary environments of the source rock series and its response to volcanic-hydrothermal activity. The lithological characteristics of the strata are described through observation methods such as core description and rock thin section. The organic–inorganic geochemical characteristics of the formation are reflected by TOC tests and tests of major and trace elements, and the tectonic setting and depositional environment are analyzed to explore the impact of volcanic-hydrothermal activities on the depositional environment. Lucaogou Formation is dominated by organic-rich tuffaceous shale, laminated dolomite and tuffaceous siltstone. The lake basin is located in the environment of continental island arc and active continental margin, volcanic activity occurs frequently in the area, and hydrothermal activity occurs at the bottom of the lake. The paleoclimate of Lucaogou Formation during the sedimentary period is semi-humid and semi-dry, and the lake is a strongly restricted brackish-saline lake with stable water column stratification and suboxic-anoxic environment. Volcanic activity will make the climate become dry and cold, and the climate tends to be wet with the weakening of the intensity. At the same time, it can promote the formation of anoxic environment. The hydrothermal activity at the bottom of the lake is conducive to the formation of stable chemical stratification with high salinity in the water column and the formation of anoxic bottom water environment. From the perspective of "high-quality source rock are usually affected by geological events", this paper traces the characteristics of fine-grained components and the inorganic chemical information they contain, reconstructs the paleoenvironment and explores the influence of volcanic-hydrothermal activity on it, which is of great significance for enriching the theory of terrestrial hydrocarbon source rocks.