Structural and stratigraphic reservoirs characterized by simple structure and complex lithology are becoming major targets for oil and gas exploration. The difficulties of this kind of reservoirs in exploration are the accuracy of the structural and depositional interpretation of the reservoir, the accuracy in velocity estimation as well as seismic resolution limitation. To deal with these problems, a seismic exploration study for a structural and stratigraphic reservoir in PY Oilfiled, Zhujiankou Basin is carried out. The main problems for PY Oilfield are such as abrupt change of water depth and Quaternary system depth, spatial variation of the velocity field, imaging in gas cloud area, seismic resolution, as well as accuracy of structural and depositional interpretation. The study proves that: multiple attenuation, resolution enhancement with relative amplitude reserved, high precision velocity estimation, isochronous structural framework interpretation, depositional evolution and architecture of sand bodies interpretation, as well as structure mapping with integration of seismic and well logging are critical techniques in structural and stratigraphic reservoir exploration. Lately drilled development wells in the oilfield verify that the depth error of the interpretation is less than 0.1% for target reservoirs at 3000 m depth. ©, 2015, Science Press. All right reserved.