Abstract: Rich in hydrocarbon resources, the Arctic petroliferous domain covers an extensive area in the north Arctic Circle. Based on the tectonic evolution of Arctic region and combined with the stratigrahic characteristics as well as the distribution and development characteristics of basins, the study was made of hydrocarbon geologic conditions in the area. With the elements and process of giant oil and gas fields in this domain analyzed, this paper uses a series of oil and gas theories to study formation and distribution of giant oil and gas fields. The study indicated that the tectonic evolution of the Arctic region controlled formation and development of oil and gas basins in this domain. Moreover, development of giant rifts, buildup and breakup of Pangea and formation of the North Atlantic endowed the domain with the superior hydrocarbon geological conditions. Therefore, Mesozoic is the most important horizon developed as source rock, reservoir and cap rock in the area, while the second important horizon is Cenozoic. The domain includes giant gas fields. The type of trap is mainly structural one. Oiland gas were accumulated mainly in the Jurassic Period but the migration peak basically took place after the Cretaceous Period. Giant oil and gas fields are mostly distributed in the Cretaceous System in terms of quantity and recoverable reserves, and next is the Jurassic System. The domain is very low in exploration degree. There is still a large of resources in the region that is to be developed or remain undeveloped. However, the risk for oil and gas exploration and development in the region is high because of many uncertainties. It is necessary to make a further study of the distribution law of giant oil and gas fields in the domain.