Seven hydrocarbon reservoirs have been discovered to date in the Upper Ordovician of the Tazhong Area, a region in which hydrocarbon phase distribution is complex. In the present study, the genesis and controlling factors of the hydrocarbons with complex phase in the Tazhong Area were investigated on the basis of the geological and geochemical conditions required for the formation and distribution of hydrocarbon reservoirs, integrated with the source rock geochemistry, natural gas and oil properties, and oil and gas reservoir fluid tests PVT (i.e., pressure, volume, and temperature tests). The results indicate that hydrocarbon reservoir types in the Upper Ordovician of the Tazhong Area transition from unsaturated to saturated condensate-gas reservoirs from west to east and from condensate-gas reservoirs to unsaturated-oil reservoirs from north to south. The crude oil in the region originated primarily from the mixing of Lower–Middle Cambrian and Middle–Upper Ordovician source rocks, while the natural gas was sourced primarily from the cracking gas of Lower–Middle Cambrian crude oil. This hydrocarbon-phase distribution was controlled primarily by temperature and pressure and has been affected by multiple periods of hydrocarbon accumulation and alteration. The high-quality Lower–Middle Cambrian reservoir–cap assemblage may be an important target for future exploration of natural gas in the Tazhong Area.