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The Cambrian carbonate & evaporite paragenesis system in the Sichuan Basin is made up of the Longwangmiao, Gaotai and Xixiangchi Fms. So far, great breakthrough has been made only in the Longwangmiao Fm instead of the latter two, and the Anyue Gasfield was discovered in the center of this basin. In this paper, therefore, the Cambrian carbonate & evaporite paragenesis system in the Sichuan Basin was analyzed in terms of its structural–sedimentary setting, sequence stratigraphic framework, sedimentary facies and the distribution of evaporites by using various geologic, logging and seismic data. Then, the geological model of sedimentary facies was established and the distribution range of favorable reservoirs was predicted. Based on these studies, the following results are obtained. Firstly, the palaeotectonic framework is characterized by the style of “one depression between two uplifts” in the setting of a large SE dipping slope, and the stratigraphic filling is in the structure of “onlapping at the bottom and truncation at the top” which is thin in the west and thick in the east. Secondly, three third-order sequence cycles which, on the whole, become shallow upward are developed from bottom to top, and gypsum-salt rocks are mainly located at the high system tract (HST) of third-order sequences and concentrated in the Wanzhou–Yibin sag. Thirdly, the geological model of sedimentary facies is composed of three major sedimentary structural layers from bottom to top, namely the evaporative carbonate ramp, the evaporative diamictic restricted platform and the evaporative restricted platform. The sedimentary environment changes from the open to the closed and the penesaline for a long time, and then back to the open. The distribution of shoals changes from the pattern of “dual banks” in a large area to more scattered shoals and banded shoals, while the evaporative lagoon and tidal flat shrink. Fourthly, the reservoir distribution is complicated and mainly controlled by the sedimentary pattern of palaeotectonics, the grain shoals and the exposed surfaces of sequences with different orders. The favorable areas for reservoir development are located above the paleo-uplift and its surroundings, at the slope-break belt in the platform and in the periphery of platform margin.