The Honggang member of the early Paleogene Buxin Formation is the main source rock in the Sanshui Basin, characterized by organic-rich black shales with the cyclic recurrence of organic- poor sediments. The geochemical characteristics of the Honggang member have been documented to determine the organic matter types and depositional environments in this paper. The organic matter of the black shales mainly consists of a mixture of land plant-derived and phytoplankton-derived organic matter. Total organic carbon content (TOC)–sulfur–iron (Fe) relationships suggest that the organic- rich black shales were deposited under dysoxic-to-euxinic water conditions. The time that iron minerals remained in contact with H2S in anoxic waters possibly influenced the formation of syngenetic pyrite, and organic carbon controlled the formation of diagenetic pyrite. Organic-poor intervals usually show pyrite sulfur enrichment and higher degree of pyritization values relative to low organic carbon contents. This resulted from HS– diffusing downward from overlying organic-rich sediments and formed Fe sulfides through reactions with sufficient Fe. Trace elements generally exhibit low concentrations and little TOC dependence, suggesting some degree of depletion in these elements in the early Paleogene sediments of the Sanshui Basin. This probably resulted from cyclic recurrences of oxic benthic conditions, which promoted the remobilization of trace elements and caused the low concentration of trace elements. The Honggang member of the early Paleogene Buxin Formation is the main source rock in the Sanshui Basin, characterized by organic-rich black shales with the cyclic recurrence of organic-poor sediments. The geochemical characteristics of the Honggang member have been documented to determine the organic matter types and depositional environments in this paper. The organic matter of the black shales mainly consists of a mixture of land plant-derived and phytoplankton-derived organic matter. Total organic carbon content (TOC) -sulfur-iron (Fe) relationships suggest that the organic-rich black shales were deposited under dysoxic-to-euxinic water conditions. The time that iron minerals remained in contact with H2S in anoxic waters possibly influenced the formation of syngenetic pyrite, and organic carbon controlled the formation of diagenetic pyrite. Organic- poor intervals usually show pyrite sulfur enrichment and higher degree of pyritization values ​​relative to low organic carbon conte nts. This was derived from HS-diffusing downward from overlying organic-rich sediments and formed Fe sulfides through reactions with sufficient TOC dependence, suggesting some degree of depletion in these elements in the early Paleogene sediments of the Sulfate Basin. This could be derived from cyclic recurrences of oxic benthic conditions, which promoted the remobilization of trace elements and caused the low concentration of trace elements.